Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT) dated 26.9.17

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....ated 26.9.17 Attention of the Importers, Exporters, Customs Brokers and the members of Trade is invited to the Board's Circular No. 39/2017 - Customs dated 26.09.2017 on the above subject. The valuation of imported and export goods is governed by the provisions of Section 14 of the Customs Act, 1962 and the rules made there under. The Customs Valuation (Determination of Value of Imported Goods) R....

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....goods are brought for being cleared for home consumption or for being removed for deposit in a warehouse". 3.1 In view of the above definition, the transaction value of the imported goods in terms of section 14 of the Customs Act, 1962, would include the costs incurred up to the place of importation, as defined above. Treatment of the loading, unloading and handling charges 4. The Hon'ble Supre....

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....of importation (such as the loading and handling charges incurred at the load port) shall now be includible in the transaction value. Computation of freight and insurance 5. Now, the 2nd and 4th provisos to Rule 10 (2) impart more clarity in computation of transport and insurance charges, when actuals of each individual element are not known, but the cumulative value of FOB and freight, or, FOB ....