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Valuation for Imports and Exports

January 21st, 2017

Value for Imports


Assessable Value for customs Customs duty is payable as a percentage of ‘Value’ often called ‘Assessable Value’ or ‘Customs Value‘. The Value may be either (a) ‘Value’ as defined in section 14(1) of Customs Act or (b) Tariff value prescribed under section 14(2) of Customs Act.
Transaction Value for customs valuation Transaction value at the time and place of importation or exportation, when price is sole consideration and buyer and sellers are unrelated is the basic criteria for ‘value’ u/s 14(1) of Customs Act. Thus, CIF value in case of imports and FOB value in case of exports is relevant.
Valuation in case of high seas sale In case of high sea sale, price charged by importer to assessee would form the assessable value and not the invoice issued to the importer by foreign supplier. – National Wire v. CC 2000(122) ELT 810 (CEGAT) * Godavari Fertilizers v. CC (1996) 81 ELT 535 (CEGAT).
Exchange rate for customs valuation Exchange rate as applicable on date of presentation of bill of entry u/s 46, as determined by CBE&C (Board) or ascertained in manner determined by CBE&C should be considered..
Valuation Rules Valuation for customs is required to be done as per provisions of Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. These rules are based on WTO Valuation Agreement.
CIF value plus landing charges is AV CIF value of goods plus 1% landing charges (for loading, unloading and handling) is the basis for deciding ‘Assessable Value’.
Additions to Assessable Value Commission to local agents, packing cost, value of goods and toolings supplied by buyer, design/engineering work done outside India, royalty relating to imported goods, insurance, transportation upto port, ship demurrage are addible. However, royalty or technical know-how unconnected with goods under imported cannot be added to assessable value.

If buyer has made, directly or indirectly, any payment to seller as a condition of sale, such payments should be included.

Interest, demurrage not addible Interest on deferred payment, demurrage at port is not required to be added. However ship demurrage is to be added.
Addition of value of computer software Value of computer software loaded on machine is to be added to value of machinery.
Valuation of old machinery and old cars Old machinery and old cars are often valued on basis of depreciated value, though such method has no sanction of law.
Conditions for accepting transaction value as assessable value Transaction Value, i.e. the price at which the goods are actually sold is the primary method and is expected to be used in majority of cases. It can be rejected only for special circumstances in section 14(1) and rule 3(2).

The ‘special circumstances’ in section 14(1) are (a) Buyer and seller should not be related and (b) Price should be the sole consideration for the sale.

As per rule 3(2) of Valuation Rules, conditions for accepting transaction value are – (a) There should be no restriction on buyer for disposal of goods (b) sale or price should not be subject to a condition or consideration for which value cannot be determined (c) There should be no further consideration to seller of which adjustment cannot be made (d) Buyer and seller should not be related unless the transaction value is acceptable under rule 3(3).

Methods of valuation in customs The methods of valuation for customs methods are as followsTransaction Value of Imported goods [Section 14(1) and Rule 3(1)], Transaction Value of Identical Goods [Rule 4], Transaction Value of Similar Goods [Rule 5], Deductive Value which is based on identical or similar imported goods sold in India [Rule 7], Computed value which is based on cost of manufacture of goods plus profits [Rule 8] and Residual method based on reasonable means and data available [Rule 9]. The methods are to be applied sequentially.
Distinction between identical goods and similar goods The major distinction between ‘identical goods’ and ‘similar goods’ is that the ‘identical goods’ should be same in all respects, except for minor differences in appearance, while in case of ‘similar goods’, it is enough if they have like characteristics and like components and perform same functions. In both the cases, quality and reputation (including trade mark reputation) should be same, goods should be from same country, engineering/development work should not be free.

Valuation of Export goods


Transaction value for export goods Customs value of export goods is to be determined under section 14 of Customs Act, read with Customs Valuation (Determination of Value of Export Goods), Rules, 2007. Transaction value is the main criteria for valuation.
FOB Value to be normally considered FOB value is normally considered as ‘value’ for export valuation. However, this can be rejected if there is over valuation (often done to get excess export benefits).
Exchange rate as determined by CBE&C Exchange rate as applicable on date of presentation of a shipping bill or bill of export u/s 50, as determined by CBE&C (Board) or ascertained in manner determined by CBE&C should be considered.
Conditions for accepting transaction value for assessment If there is no sale or buyer or seller are related or price is not the sole consideration, value of the goods will be determined as per Valuation Rules.
Methods of valuation, if transaction value not acceptable If valuation is not possible on basis of transaction value, valuation will be done by proceeding sequentially through rules 4 to 6  The methods are – Export value by comparison [Rule 4}, Computed value [Rule 5] and Residual method [Rule 6].
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