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of <h1>Understanding Customs Valuation: Section 14 of Customs Act, 1962 Guides Duty Calculation for Imports and Exports</h1> The Customs Valuation section of the CBEC's Customs Manual outlines the methods and guidelines for determining the value of imported and exported goods for customs duties. Customs duties can be specific, ad valorem, or a combination of both. Section 14 of the Customs Act, 1962, provides the basis for valuation, which was last updated in 1988. Tariff values are set by the government for certain goods, and if not fixed, the transaction value is used, adjusted by valuation factors. The Customs Valuation Rules, 1988, detail methods such as transaction value, comparative value, deductive value, computed value, and fallback method. The manual also addresses related party transactions, rights of appeal, and provisional clearance procedures.
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