Customs valuation rules for imported goods were amended to govern price determination under the statutory framework. Customs valuation for imported goods was realigned by inserting a new sub-section (1A) in section 14 of the Customs Act, 1962, providing that the price of imported goods is to be determined in accordance with the rules made for that purpose, subject to section 14(1). Consequential changes were made to section 14(2) to extend its reference to the new sub-section (1A). The rule-making power in section 156 was also amended so that regulations may prescribe the manner of determining the price of imported goods under section 14(1A).
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Customs valuation rules for imported goods were amended to govern price determination under the statutory framework.
Customs valuation for imported goods was realigned by inserting a new sub-section (1A) in section 14 of the Customs Act, 1962, providing that the price of imported goods is to be determined in accordance with the rules made for that purpose, subject to section 14(1). Consequential changes were made to section 14(2) to extend its reference to the new sub-section (1A). The rule-making power in section 156 was also amended so that regulations may prescribe the manner of determining the price of imported goods under section 14(1A).
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