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TMI BlogExport value declared more than the books valueX X X X Extracts X X X X X X X X Extracts X X X X ..... Export value declared more than the books value X X X X Extracts X X X X X X X X Extracts X X X X ..... wdv). What is the pros and cons. Now he got the notice from the customs department for the reasons for the value quoted higher than the book value. Can anyone suggest me on this. Thanks in advance. Reply By KASTURI SETHI: The Reply: Dear Sir, 1. Over-valuation will earn more foreign exchange for our country. Hence Govt. is liberal in exports. 2.The exporter will avail more export benefits. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Over-valuation may result in obtaining inadmissible duty drawback. 4.Over-valuation of export goods are liable to confiscation but here the goods have been exported and hence cannot be confiscated. 5. Transaction value under Section 15 of CGST Act has to be accepted. 6. Burden of proof of valuation is cast upon the department----CESTAT in the case of Advance Exports reported as 2007 (8) TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 64 - CESTAT, AHMEDABAD. 7. As per Rule 3 (2) of Customs Value (Determination Value of Export of Goods) Rules, 2007, transaction value will be accepted even if the buyer and seller are 'related persons', if the relationship has not influenced the price. 8. Pl. also go through Para No.3(b) and 7 of Customs Circular appended below: DEPB scheme - Revised Guidelines for determination/Verifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation of present market value (PMV) <$FFor subsequent modification/development see, Circular Nos. 79/98-Cus., dated 22-10-1998 23/99-Cus., dated 11-5-1999, 37/99-Cus., dated 24-6-1999 and 27/2000-Cus., dated 22-3-2000. >Circular No. 69/97-Cus., dated 8-12-1997 Reply By KASTURI SETHI: The Reply: In continuation of my reply above, it is further suggested that over-valuation must be avoided. Such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... intentional step can land the exporter in trouble. You are well aware of FEMA.
Although export documents have been signed by GST Officers and Customs Officer, yet the exporter would not be safe from all angles.
Such step can open Pandora's box for the exporter. X X X X Extracts X X X X X X X X Extracts X X X X
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