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of <h1>Residual Method in Rule 8 of Customs Valuation Rules 1988: Criteria for Determining Imported Goods Value Explained</h1> The Residual Method under Rule 8 of the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988, applies when the value of imported goods cannot be determined by previous rules. It mandates using reasonable means consistent with the principles of these rules and Section 14 of the Customs Act, 1962, based on data available in India. The rule prohibits determining value based on the selling price of domestically produced goods, the highest of two alternative values, domestic market prices of the export country, costs of production other than computed values for similar goods, export prices to other countries, minimum customs values, or arbitrary values.
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