Valuation of Imported Goods – New Provisions Came into effect from 10-10-2007

Finance Act, 2007 has substituted the provisions of Section 14 of Customs Act, 1962 which deals with valuation of imported goods.

The New provisions have come into force with effect from 10-10-2007. - Notification no. 93/2007 CUS(NT) dated 13-9-2007

Accordingly new Import Valuation Rules, i.e., Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 made under the provisions of section 14 of the Customs Act, 1962, have been notified and the same shall also come into force on 10-10-2007.

Further, Board has issued instructions to the filed formations regarding new provisions - Circular no. 38/2007 Customs dated 9-10-2007.

Note: - New Valuation Rules for Valuation of Export Goods have also come into force with effect from 10-10-2007.