Customs Valuation (Determination of value of imported goods) Rules, 2007- Instructions

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..... utes the existing section 14 of the Customs Act, 1962. The new section 14 of the Customs Act, 1962 has come into force with effect from 10-10-2007 in terms of Notification No 93/2007-Customs (NT) dated 13th September, 2007. The 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 vide Notification No 94/2007-Customs (NT) dated 13-9-2007 and the same has also come into force on 10-10-2007. 2. The clarifications with regard to the major changes in the new Valuation Rules for imported goods are given below for proper application of the Valuation Rules, i.e., Customs Valuation (Determination of .....

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..... J.K. Corporation Ltd. Versus Commissioner of Customs (Port) Kolkata [2007 (208) ELT 485 (SC)] so as to clarify that such royalty, license fee, etc., if otherwise includible in terms of clauses (c) or (e) of Rule 10, will be includible in the value of the goods irrespective of the fact that such royalty, licence fee, etc., relates to a process which is made operational during the running of the machines, i.e., after importation of the goods. (v) An Explanation has been added to Rule 10(2) clarifying that the cost of transport of the imported goods includes ship demurrage charges on chartered vessels, lighterage charges or barge charges. This Explanation is to take care of cases of imports by time chartered vessels or bulk carrie .....

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..... chanism and procedure for rejection of declared value in certain cases. It also clarifies that where the proper officer is satisfied after consultation with the importer, the declared value shall be accepted. This Explanation also gives certain illustrative reasons which could form the basis for having doubt about the truth or accuracy of the declared value. Any problems faced in implementation of this Public Notice may be brought to the notice of the undersigned immediately. (ARUN TANDON) COMMISSIONER OF CUSTOMS (IMPORT), JAWARARLAL NEHRU CUSTOM HOUSE. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxman .....

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