As Finance Minister Nirmala Sitharaman is to present the Union Budget for 2026-27 in Parliament on February 1, industry stakeholders and tax experts are expecting significant reforms in the customs procedures, particularly the simplification of the Special Valuation Branch (SVB) process.

Calls for Post-Clearance Audits The SVB, a specialized unit under the Central Board of Indirect Taxes and Customs (CBIC), handles valuation of imported goods in transactions involving related parties, such as multinational companies importing from overseas group entities. This ensures that declared values reflect fair market prices, preventing undervaluation and revenue leakage.

However, the current process is often not appreciated for being resource-intensive, time consuming, and prone to delays, leading to prolonged assessments and disputes.