Section 60 of Finance Act 2018 : Amendment of section 17 Customs Act

By | April 1, 2018
(Last Updated On: April 18, 2018)

Section 60 of Finance Act 2018

[Section 60 of Finance Act 2018 deals with Amendment of section 17 and is covered in CHAPTER IV INDIRECT TAXES]

Amendment of section 17

60. In the Customs Act, in section 17,—

(i)in sub-section (2),—
(a)for the words “the self-assessment of such goods”, the words, figures and brackets “the entries made under section 46 or section 50 and the self- assessment of goods referred to in sub-section (1)” shall be substituted;
(b)the following proviso shall be inserted, namely:—
“Provided that the selection of cases for verification shall primarily be on the basis of risk evaluation through appropriate selection criteria.”;
(ii)in sub-section (3), for the words “verification of self-assessment”, the words “the purposes of verification” shall be substituted;
(iii)in sub-section (5), the words “regarding valuation of goods, classification, exemption or concessions of duty availed consequent to any notification issued therefor under this Act” shall be omitted;
(iv)sub-section (6) shall be omitted.

Finance Act 2018 : Assented by President : Download Print Notification

 

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