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of <h1>Customs Circular Explains 2007 Rules on Valuation of Imported Goods, Including Transaction Value and Provisional Assessments.</h1> The circular addresses the implementation of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, effective from October 10, 2007. It highlights major changes, including the definition of 'Transaction Value' and provisions for provisional assessments under the Customs Act, 1962. The circular clarifies the inclusion of royalties, license fees, and transport costs in the valuation of imported goods. It also explains the procedure for rejecting declared values and emphasizes the need for clarity and objectivity. The circular instructs relevant authorities to disseminate this information and report any implementation difficulties to the Board.
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