Self-Assessment system (1996):

Another major change was brought about in 1996, when the Self-Assessment system was introduced. This system is continuing today also.

Under this system:-

(i) The assessee himself assesses his returns and files it with the Department.

(ii) Department scrutinises the return or conducts selective audit to ascertain correctness of the duty payment.

(iii) Even the classification and value of the goods have to be merely declared by the assessee instead of obtaining approval of the same from the Department. The system of classification of goods and price lists had now been done away with.