Customs valuation rules now use transaction value, with prescribed additions, tariff values, and exchange-rate definitions for duty assessment. Substitution of section 14 revises customs valuation by making the value of imported and export goods the transaction value, subject to prescribed rules. For imported goods, the transaction value includes specified additions such as commissions, brokerage, royalties, licence fees, transport, insurance, and handling charges. The rules may cover related parties, no-sale situations, rejection of doubtful declared values, and the determination of value in other cases. The Board may also fix tariff values by notification, and the section defines rate of exchange for currency conversion.
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 rules now use transaction value, with prescribed additions, tariff values, and exchange-rate definitions for duty assessment.
Substitution of section 14 revises customs valuation by making the value of imported and export goods the transaction value, subject to prescribed rules. For imported goods, the transaction value includes specified additions such as commissions, brokerage, royalties, licence fees, transport, insurance, and handling charges. The rules may cover related parties, no-sale situations, rejection of doubtful declared values, and the determination of value in other cases. The Board may also fix tariff values by notification, and the section defines rate of exchange for currency conversion.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
