Transaction value governs customs valuation, with prescribed inclusions, related-party rules, and tariff values for declared imports and exports. Valuation of imported and export goods under the Customs Act is based on the transaction value, meaning the price actually paid or payable when sold for export to India or for export from India, subject to prescribed rules. For imported goods, the transaction value includes specified costs and charges such as commissions, royalties, transportation, insurance, loading, unloading and handling charges. Rules may govern related-party cases, absence of sale, non-sole consideration, acceptance or rejection of declared value, and additional importer obligations. The Board may also fix tariff values, and the section defines rate of exchange and currency terms.
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Provisions expressly mentioned in the judgment/order text.
Transaction value governs customs valuation, with prescribed inclusions, related-party rules, and tariff values for declared imports and exports.
Valuation of imported and export goods under the Customs Act is based on the transaction value, meaning the price actually paid or payable when sold for export to India or for export from India, subject to prescribed rules. For imported goods, the transaction value includes specified costs and charges such as commissions, royalties, transportation, insurance, loading, unloading and handling charges. Rules may govern related-party cases, absence of sale, non-sole consideration, acceptance or rejection of declared value, and additional importer obligations. The Board may also fix tariff values, and the section defines rate of exchange and currency terms.
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