View
318
Download
5
Category
Preview:
Citation preview
Valuation of Customs Duties
• Ajay Babu BandiPractising Chartered Accountant
M.Com, FCMA,ACA,IFRS(Certified)
The value of Imported and Export Goods shall be the Transaction Value of such Goods
Transaction Value u/s 14(1)Price actually paid or payable for the goodsWhen sold or export to/from IndiaFor delivery at the time & place of
importation /exportationWhere the Buyer and Seller of the goods are
not related andPrice is the sole consideration for the saleSubject to other conditions specified in the
Rules
The Customs Valuation (Determination of Value of Imported) Rules, 2007 is relevant in this regard
Exchange RateMeans rate of exchange.. The rate of
exchange –(i) determined by CBEC, or(ii) ascertained in the manner as CBEC
may directNote : Exchange Rates are determined and
announced by CBEC during the last week of the previous month
This Exchange Rate is applicable for all Bill of Entry filed in the next month
Exchange Rate
Relevant Date for Exchange RateThe price shall be calculated based
on the exchange rate on the relevant date—
For Imports
Relevant Date is date of presenting Bill of Entry u/s 46
For Exports
Relevant Date is date of presenting Shipping Bill or Bill of Export u/s 50
Tariff Value u/s 14(2)If the CBEC is satisfied that it is necessary
or expedient to do so, it may fix Tariff Values for any class of Imported Goods or Export Goods, having regard to the trend of value of such goods or like goods
Where such Tariff Values are fixed, the duty shall be chargeable with reference to such Tariff value
Relevant Date for Rate and Value
For Imported Goods Sec.15
For Exported Goods Sec.16
Customs Procedures - ImportLanding of GoodsDelivery of Import Manifest / ReportGrant of Entry Inwards to the Master
of vessel /permission to unload the goods
Unloading of goodsUnloaded goods to be in the custody
of the custodian until their clearanceFiling of Entry for Import, i.e., Bill of
Entry
Customs Procedures - ImportTiming of Entry of Bill of EntryAssessment of DutyPayment of DutyClearance of Imported Goods from
Custom Station :Clearance for Home ConsumptionWare housing
Transit of GoodsTranshipment
Customs Procedures - ExportFiling of Shipping Bill/ Bill of
Export“Let Export” OrderGrant of Entry OutwardsLoading of Goods on conveyance
for exportationDelivery of Export Manifest/ ReportNo conveyance to leave without
written order
Recommended