TaxTMI 
TaxTMI 
Asseble value calculation process for Trading components at Custmos clearing
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....sseble value calculation process for Trading components at Custmos clearing<br> Query (Issue) Started By: - SRINIVAS MADALA Dated:- 3-10-2012 Last Reply Date:- 8-10-2012 Customs - Exim - SEZ<br>Got 3 Replies<br>Customs<br>we are going to import Engineering material (8431 ......) through trading mode my query is (1) Whether declaring MRP IS mandotory for this component if so what is the procedure ....
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....for the same (2) If it is not mandotory how customs will arrive the assesble value for duty calculation thanks Reply By Radha Arun: The Reply: I gather that the goods are being imported for re-sale ("trading mode"). But we still need to know whether they are going to be sold in wholesale or retail. DGFT Policy Circular 38(RE-2000)/1997-2002 dated 22.1.2001 clarified that MRP labeling is requir....
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....ed only when the imported goods are intended for retail sale. Procedure for declaring MRP: label on the package. If MRP is not applicable, the customs will value the goods on the basis of transaction price. Reply By SRINIVAS MADALA: The Reply: Thank you very much for the valuebel input. Further would seek your guidence with regard to process and guidelines for arriving asseble value calcula....
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....tion for the items which were going to be cleared through trading mode and which are not comeing under the perview of MRP . As iwe heard that if we trading commdities which were not coming under MRP were asseses @230% of the transaction value for arriviing Asseble value is it correct??? kindly clarifie. Reply By Radha Arun: The Reply: No, no, nothing is assessed at 230% of transaction value. The....
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.... transaction value itself is the assessable value, and the customs duty is worked out according to that. If transaction price is Rs100, and customs duty is 10%, then customs duty will be Rs 10.<br> Discussion Forum - Knowledge Sharing ....