With an intent to simplify doing business in India, the Ministry Of Finance on February 09, 2016 has introduced two Circulars i.e. Circular No. 4/2016-Customs (‘Circular No. 4’) and Circular No. 5/2016-Customs (‘Circular No. 5’) which impact the Special Valuation Branch (‘SVB’) proceedings. The former Circular prescribes the procedure for renewal of SVB orders and ongoing SVB inquiries while the latter Circular lays the procedure for investigation of fresh cases. Earlier, the SVB cases were being initiated and investigated under Circular No. 11/2001 (‘the erstwhile Circular’), which now stands rescinded.
For a better understanding we intend to take up on the amendments along with the pros and cons we see with the introduction of these two new Circulars.
I hope you will find it useful.