The Institute of Business Laws, in association with Lakshmikumaran & Sridharan, is organizing series of seminars
On 9th December, 2011 in Chennai
On 16th December, 2011 in New Delhi
On 6th January, 2012 in Bangalore
On 11th January, 2012 in Mumbai
On 12th January, 2012 in Ahmedabad
to guide manufacturers, importers, exporters, logistics service providers and CHAs on the new Customs Procedures on Self-Assessment and On-Site Post-Clearance Audit (OSPCA). The seminar is intended to educate all stake-holders about the new regime so that they can achieve complete compliance and avoid hassles.
Self-Assessment in Customs
This year, Section 17 of the Customs Act, 1962 has been amended making self-assessment by importers and exporters compulsory. Customs Authorities can still verify self-assessment before clearance of the goods and undertake re-assessment. Detailed procedures have been prescribed for self-assessment, re-assessment and provisional assessment. Non-compliance with these procedures will invite penal consequences.
On-Site Audit in Customs
A major change now introduced in this context is the On-Site Post-Clearance Audit or OSPCA. Made effective from October, 2011 in respect of ACP clients, this procedure is likely to be extended to other importers shortly. The new OSPCA provides for audit of records and books of importers and exporters by officers of the Department. This audit will be carried out by the officers in the premises of the importers and exporters. Regulations already issued in this regard provide for maintenance and production of several books, records and documents by trade and industry.
Liberalisation in Advance Authorization Scheme
Advance Authorisation Scheme is set for major procedural relaxation. Redemption is now proposed to be made available across the counter based on self-declaration. This relaxation comes with the rider that verification and scrutiny will be undertaken by DGFT at a later date for which trade has to be prepared.
Trade and industry is now required to completely understand the new law, procedures and instructions of the Department so that complications are avoided. This seminar is aimed to provide clarifications, solutions and necessary preparations to be made to transit into the new regime.
For details refer website: www.iblglobal.com