Retail sale price declaration governs valuation of specified pan masala and tobacco products, taking effect from notified commencement. The amendment adds a clause making supplies of specified packaged goods - including pan masala and various tobacco and nicotine products under identified Customs Tariff headings - subject to valuation based on the declared retail sale price. It defines 'retail sale price' as the maximum declared packaged price to the ultimate consumer inclusive of all taxes and levies, prescribes rules where multiple or altered prices exist, applies area specific declared prices for valuation in those areas, and directs application of the First Schedule interpretation rules of the Customs Tariff Act for tariff classification.
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Retail sale price declaration governs valuation of specified pan masala and tobacco products, taking effect from notified commencement.
The amendment adds a clause making supplies of specified packaged goods - including pan masala and various tobacco and nicotine products under identified Customs Tariff headings - subject to valuation based on the declared retail sale price. It defines "retail sale price" as the maximum declared packaged price to the ultimate consumer inclusive of all taxes and levies, prescribes rules where multiple or altered prices exist, applies area specific declared prices for valuation in those areas, and directs application of the First Schedule interpretation rules of the Customs Tariff Act for tariff classification.
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