Finance Act, 2007 has substituted the provisions of Section 14 of Customs Act, 1962 which deals with valuation of imported goods.

The New provisions have come into force with effect from 10-10-2007. - Notification no. 93/2007 CUS(NT) dated 13-9-2007

Accordingly new Import Valuation Rules, i.e., Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 made under the provisions of section 14 of the Customs Act, 1962, have been notified and the same shall also come into force on 10-10-2007.

Further, Board has issued instructions to the filed formations regarding new provisions - Circular no. 38/2007 Customs dated 9-10-2007.

Note: - New Valuation Rules for Valuation of Export Goods have also come into force with effect from 10-10-2007.

 

 

Import valuation rules revised: new customs valuation framework effective, altering valuation procedure and administrative compliance guidance. Finance Act, 2007 revised the statutory basis for valuing imported goods by substituting the prior provision of Section 14 and introducing the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, effective 10 October 2007; administrative guidance via a departmental circular was issued to field formations and parallel valuation rules for export goods were notified to take effect on the same date.