Customs valuation: imported goods value linked to declared retail sale price less permitted government abatement. The Bill deems the value of certain imported articles to be the retail sale price declared on the imported article, less any abatement the Central Government may allow by notification, where the like article is produced in India or not produced and the article class requires retail sale price declaration under the Standards of Weights and Measures Act or is specified under the Medicinal and Toilet Preparations schedule explanation; it also amends the First Schedule to alter tariff item entries as set out in the Bill's Third Schedule.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customs valuation: imported goods value linked to declared retail sale price less permitted government abatement.
The Bill deems the value of certain imported articles to be the retail sale price declared on the imported article, less any abatement the Central Government may allow by notification, where the like article is produced in India or not produced and the article class requires retail sale price declaration under the Standards of Weights and Measures Act or is specified under the Medicinal and Toilet Preparations schedule explanation; it also amends the First Schedule to alter tariff item entries as set out in the Bill's Third Schedule.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
