Valuation of goods.

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....s may be specified in the rules made in this behalf: Provided that such transaction value in the case of imported goods shall include, in addition to the price as aforesaid, any amount paid or payable for costs and services, including commissions and brokerage, engineering, design work, royalties and licence fees, costs of transportation to the place of importation, insurance, loading, unloading and handling charges to the extent and in the manner specified in the rules made in this behalf: Provided further that the rules made in this behalf may provide for, - (i) the circumstances in which the buyer and the seller shall be deemed to be related; (ii) the manner of determination of value in respect of goods when there....

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....tion. - For the purposes of this section - (a) "rate of exchange" means the rate of exchange - (i) determined by the Board, or (ii) ascertained in such manner as the Board may direct, for the conversion of Indian currency into foreign currency or foreign currency into Indian currency; (b) "foreign currency" and "Indian currency" have the meanings respectively assigned to them in clause (m) and clause (q) of section 2 of the Foreign Exchange Management Act, 1999 ( 42 of 1999).]     *************** NOTES:- 1.  Inserted vide Customs (Amendment) Act, 1966 dated 31-08-1966 2.  Substituted vide Section 13 of the Custom Tariff Act, 1975 dated 18-08-1975 w....

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.... w.e.f.16-8-1988 (Notified vide Notification No. G.S.R. 799 (E) dated 18-07-1988)  9.  Substituted vide Section 118 of the Finance Act, 2002 w.e.f. 11-05-2002 before it was read as, "international trade, where the seller and the buyer have no interest in the business of each other and the price is the sole consideration for the sale or offer for sale" 10.  Substituted vide Section 118 of the Finance Act, 2002 w.e.f. 05-11-2002 before it was read as, "Central Government" 11.  Substituted vide Section 118 of the Finance Act, 2002 w.e.f. 05-11-2002 before it was read as, "Central Government" 12.  Substituted vide Section 118 of the ....

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....der section 46, or a shipping bill or bill of export, as the case may be, is presented under section 50;] (b) ^6[****] ^7[(1A) Subject to the provisions of sub-section (1), the price referred to in that sub-section in respect of imported goods shall be determined in accordance with the rules made in this behalf.] (2) Notwithstanding anything contained in sub-section (1) ^8[or sub-section (1A)], if the ^10[Board] is satisfied that it is necessary or expedient so to do it may, by notification in the Official Gazette, fix tariff values for any class of imported goods or export goods, having regard to the trend of value of such or like goods, and where any such tariff values are fixed, the duty shall be chargeabl....