In regard to import from associated concerns, on provisional assessment by SVB, we are depositing full custom duty with 1% RD. However, customs demand bond to the extent of assesseable value instead of differential duty . Wehave a case with Supreme Court which we won in tribunal & customs went to Supreme Court where customs treat assesseable value as 120% of invoice value. Can some body guide us provisions for taking bonds.
Regards,
Mukund M Honkan
Supreme Court to Decide on Continuity Bond Requirements for Customs: Assessable Value vs. Differential Duty Debate A user inquired about the requirements for a continuity bond in the context of customs and import assessments by the Special Valuation Branch (SVB). The user mentioned that despite paying full customs duty with an additional 1% RD, customs authorities demand a bond based on the assessable value rather than the differential duty. The case, previously won in a tribunal, is now with the Supreme Court, where customs consider the assessable value to be 120% of the invoice value. Another participant responded by directing the user to a resource for understanding the rules on provisional assessment and bond requirements. (AI Summary)
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