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of <h1>Customs Clarifies High Seas Sales Valuation: Use Actual Sale Price if Exceeds CIF Value Plus 2% Charge for Duty Assessment.</h1> The circular from the Commissioner of Customs (Import) in Mumbai addresses the valuation of imported goods sold on high seas for duty assessment. It specifies that the transaction value for high seas sales should be determined based on the sale occurring on high seas, with the final buyer considered the importer. Typically, a 2% charge is added to the CIF value as high-seas-sales charges. However, if actual charges exceed this percentage, they must be included in the CIF value. If the actual sale contract price is higher than the CIF value plus 2%, this price should be used for duty assessment. Compliance with these guidelines is mandatory.
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