Asseble value calculation process for Trading components at Custmos clearing

[Guest]

we are going to  import  Engineering material (8431  ......) through trading mode my query is

(1) Whether declaring MRP IS mandotory for this component if so what is the procedure for the same

(2) If it is not mandotory how customs will arrive the assesble value for duty calculation

thanks

AI Summary

MRP Not Required for Importing Engineering Materials; Customs Value Based on Transaction Price, Not 230% Rumor A discussion on the customs value calculation for importing engineering materials through trading mode raised questions about the necessity of declaring the Maximum Retail Price (MRP). It was clarified that MRP labeling is required only for retail sales, and if not applicable, customs will use the transaction price to determine the assessable value. A query was made about a rumored 230% assessment rate, which was corrected by stating that the assessable value is based on the transaction price, and customs duty is calculated accordingly.