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of <h1>New Customs Valuation Rules 2007: Key Changes in Transaction Value, Identical Goods, and Royalties.</h1> The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, effective from October 10, 2007, introduce significant changes in the valuation of imported goods under the Customs Act, 1962. Key updates include the definition of Transaction Value, amendments to rules regarding identical and similar goods, and clarifications on the inclusion of royalties and transport costs in the valuation. The rules also address the rejection of declared values, providing a clearer framework for assessing import values. Importers and related parties are advised to adhere to these updated rules and report any implementation issues to the Commissioner of Customs.
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