Overview
- India’s CBIC notified the Customs (Finalisation of Provisional Assessment) Regulations, 2025 to bring certainty and transparency to provisional import‑export assessments.
- Importers and exporters must furnish requested documents within 15 days, with extensions permitted up to two months.
- Customs enquiries must conclude within 14 months, and provisional assessments are to be finalised within two years except in cases involving appeals, stay orders, or international information requests.
- The framework allows voluntary duty payments during the provisional phase with adjustment at finalisation, and provides for interest charges and penalties up to Rs 25,000 for non‑compliance.
- Detailed procedures cover refunds, duty recovery, and bond cancellations, with industry voices welcoming faster closure of long‑pending cases while cautioning about complexities tied to SVB valuations, DRI probes, and prolonged litigation.