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of <h1>Customs Tariff Act update: New rules for valuing warehoused goods before clearance, focus on last transaction value.</h1> The amendment to the Customs Tariff Act, 1975, introduced by the Finance Act, 2018, modifies section 3 to include new sub-sections (8A) and (10A). These sub-sections address the valuation of goods sold from a warehouse before clearance for home consumption or export. The value for calculating integrated tax or goods and services tax compensation cess is based on the higher of the value determined under existing provisions or the transaction value. If goods are sold multiple times before clearance, the value from the last transaction is used. Unsold goods are valued per existing provisions. 'Transaction value' refers to the sale consideration amount.
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