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of <h1>Customs Duty on Ship Stores: New Guidelines for Provisional Assessments and Valuation Methods per Customs Act.</h1> The circular addresses the challenges in assessing and collecting customs duty on ship stores consumed when vessels temporarily convert from foreign to coastal runs. It highlights concerns raised by the Federation of Ship Agents Association of India regarding valuation practices at Visakhapatnam Port, where HPCL's bunker supply price is used. New guidelines are established for provisional assessments under the Customs Act, emphasizing reliance on transaction value when available and alternative valuation methods otherwise. The final assessment of Bills of Entry should be completed within 15 days, following the Board's Circular No. 58/97. The notice is effective immediately and serves as a standing order for customs officers.
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