Government proposes to set time limit for provisional assessments of trade consignments
provisional assessments of export and import consignments with an aim to reduce uncertainty and costs for exporters. Currently, the Customs Act, 1962 lacks a fixed timeline for finalising provisional assessments, causing delays and uncertainties.
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The new provision mandates finalisation within two years, extendable by one additional year, ensuring greater predictability for businesses, economic think tank Global Trade Research Initiative (GTRI) said.
For the move, a new clause would be inserted in the Customs Act «to provide a time limit of two years for finalisation of provisional assessment», according to the Budget documents.
The time limit can be extended by the Commissioner of Customs for a further period of one year if sufficient cause is shown.
«It further provides that, for the pending cases, the time limit shall be computed from the date of assent of the Finance Bill, 2025,» it added.
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