CBIC floats new norms to curb undervaluation of goods by importers

Nove comes after customs dept observed several consignments from South-East Asia in which rules of origin were flouted, and the FTA route was being used to evade duties

In a clampdown on the undervaluation of goods shipped into the country, the government has proposed measures including an intense physical verification of imported products.
 

The move comes after the Customs observed a rising trend of consignments from countries including China, Taiwan, and Vietnam misusing rules-of-origin norms and the free trade agreement (FTA) route to evade duties by undervaluing them.
 

The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday floated a public consultation paper pertaining to the valuation of imported goods, seeking stakeholders’ comments till October 14.
 

The draft paper suggests declaring goods “identified goods” if there are