What is an assessable value?

What is an assessable value?

Assessable value is the value that is used for the calculation of tax. Under Customs Act, assessable value includes the cost of goods sold, transportation cost up to the location of the buyer and insurance. In the case of imports, the assessable value is calculated by adding 1% to the CIF value of imports.

How do you calculate assessable value of excise duty?

Assessable value is computed for excise duty purpose @ 110% of cost of production and excise duty is being paid @ 6% of Assessable Value. 4. Unit “C” is exempted from payment of excise duty. It assembles the upper, Sole, Insole, and produce complete shoe pair.

How do you calculate assessment value of imported goods?

1. (A) Assessable value for Customs duty = Assessable value of goods for the purpose of assessing the amount of Customs Duty is calculated in the following way:
2. Example: For a certain import, let C&F cost = Tk. 100.
3. (B) Supplementary Duty (SD): Like VAT, Supplementary Duty (SD) is calculated on a cumulative basis.

What is assessable value in custom?

Assessable value = Cost, Insurance and Freight+ Handling charges. LN defaults the percentage of Handling Charges from the India Localization Parameters (tccom9136m00l) session. According to Customs law, the value of Handling charges is 1 per cent of the CIF value of the goods.

How do you calculate FOB?

FOB Value = Ex-Factory Price + Other Costs (b) Other Costs in the calculation of the FOB value shall refer to the costs incurred in placing the goods in the ship for export, including but not limited to, domestic transport costs, storage and warehousing, port handling, brokerage fees, service charges, et cetera.

How do you calculate the basic value of GST?

The formula for GST calculation:

1. Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.
2. Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.