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of <h1>Finance Ministry Clarifies Customs Duty Calculation for Auctioned Goods; Uses Total Sale Proceeds as Cum-Duty Price per Section 150(2).</h1> The circular from the Ministry of Finance addresses the procedure for determining customs duty on auctioned goods. It clarifies that customs duty should be calculated using the total sale proceeds of unclaimed or uncleared goods as the cum-duty price, without deductions for sales expenses. After determining the duty, the sale proceeds should be appropriated according to Section 150(2) of the Customs Act, 1962. The circular instructs relevant parties to issue public notices or standing orders to ensure compliance and requests that any implementation difficulties be reported to the Board.
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