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<h1>Section 14 of Customs Act, 1962: Guidelines for Valuing Import and Export Goods Ensure Consistent and Fair Customs Duties</h1> Customs duties on imported and exported goods can be specific, ad valorem, or a combination of both. When duties are ad valorem, they are based on the value of the goods, necessitating clear legal guidelines to ensure consistency and prevent arbitrariness in valuation. Section 14 of the Customs Act, 1962, provides the framework for valuing import and export goods, with its current version effective from October 2007. This ensures uniformity across different Customs formations.