New regulation for finalisation of provisional assessment notified to align with changes previously effected in the assessment provisions in the Customs Act, 1962 by the Finance Act, 2025 – CBIC

In brief

In the Finance Act, 2025, a specific timeline was prescribed for the finalisation of provisional assessment under the Customs Act, 1962 (Customs Act), as part of the continued endeavour to facilitate trade and ease compliance burden. Therefore, the Central Board of Indirect Taxes and Customs (CBIC) has notified¹ the Customs (Finalisation of Provisional Assessment) Regulations, 2025 (new regulations) superseding the earlier regulations notified in 2018. The new regulation deals with the finalisation of provisional assessment going forward in terms of laying down the procedure, timelines and compliances to be followed including the bills of entry (BoE) pending provisional assessment till date. The new regulations have come into effect from 12 September 2025. Detailed guidelines for implementation is provided by CBIC as well.