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of <h1>India Updates Customs Valuation Rules: Defines 'Place of Importation' and Revises Cost Inclusions for Imported Goods.</h1> The Government of India has issued an amendment to the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, effective from its publication date in the Official Gazette. The amendment introduces the definition of 'place of importation' as the customs station where goods are cleared for home consumption or warehousing. It also revises the valuation rules for imported goods to include costs related to transport, handling, and insurance to the place of importation. Specific provisions are made for cases where these costs are not ascertainable, setting default percentages based on the free on board value. Additional rules apply to goods imported by air and those transshipped within India.
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