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of <h1>Mumbai Customs Clarifies High Sea Sales Valuation: Last Buyer as Importer, Charges Added to CIF Value.</h1> The circular issued by the Commissioner of Customs (Import), Mumbai, clarifies the valuation process for high sea sales. It states that the relevant transaction for determining the value should occur on the high seas, with the last buyer regarded as the importer. Generally, high-seas-sales charges are added to the declared CIF value at 2%. However, if actual charges exceed this percentage, they should be added to the CIF value. If the actual high seas sale contract price is higher than the CIF value plus 2%, this price should be used for duty assessment. Compliance with these provisions is mandatory.
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