Finance Ministry Introduces Premature Termination Clause in Customs & Excise Settlement Commission Rules

The Finance Ministry has introduced a "premature termination clause" in the Customs & Excise Settlement Commission Rules. This new provision grants the Settlement Commission the power to terminate an application if it believes the applicant has failed to provide a full and true disclosure of their tax liability, or if they have not cooperated during the proceedings. The new clause is intended to prevent misuse of the settlement process by applicants who seek to delay proceedings and misuse the forum, ensuring that only genuine cases are settled, and the process remains efficient.