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TMI BlogValuation of imported/exported goods in generalX X X X Extracts X X X X X X X X Extracts X X X X ..... that the value of the imported goods and export goods shall be "the transaction value of such goods, that is to say, the price actually paid or payable for the goods when sold for export to India for delivery at the time and place of importation, or as the case may be, for export from India for delivery at the time and place of exportation, where the buyer and seller of the goods are not related a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (ii) the manner of determination of value in respect of goods when there is no sale, or the buyer and the seller are related, or price is not the sole consideration for the sale or in any other case; and (iii) The manner of acceptance or rejection of value declared by the importer or exporter, as the case may be, where the proper officer has reason to doubt the truth or accuracy of such valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14(1), the present provisions have discarded the concept of "demand value" and adopted the concept of "transaction value". Also, the present Section 14 contains therein provisions for specific rules to be made for determination of value and also for specific additions to value on account of cost and services. Some provisions deleted from the earlier Section 14 include: (i) Reference to such or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on implementation of Article VII of GATT. The methods of valuation prescribed therein are of a hierarchical (sequential) order.
3.8 The importer is required to truthfully declare the value in the import declaration and also provide a copy of the invoice and file a valuation declaration in the prescribed form to facilitate correct and expeditious determination of value for assessment purposes. X X X X Extracts X X X X X X X X Extracts X X X X
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