What is included in assessable value in the valuation of custom duty?

What is included in assessable value in the valuation of custom duty?

1) commission paid or general expenses. 2) cost of transport and insurance. 3) custom duties and other taxes payable in india. goods being valued, plus an amount for profit and general expenses usually reflected in sales from the country of exportation to the country of importation of goods of the same class or kind.

How is custom duty calculated with example?

Custom Duty Rates

1. LC: Landing charge – 1% CIF.
2. CVD: Countervailing Duty – 0%, 6% or 12% (CIFD + LC)
3. CEX: Education and Higher Education Cess – 3% CVD.
4. CESS: Education + Higher Education – 3% (Duty + CEX (Education and Higher Education Cess) + CVD)
5. Additional CVD: 4% (CIFD + LC + CVD + CESS + CEX)

How custom duty is calculated?

Customs duties are computed on a specific or ad valorem basis. In other words, it is calculated on the value of goods. Such value is determined as per the rules laid down in the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007.

What is assessable value as per customs Act 1962?

Further, we find that as held in the case laws stated above and as provided by Section 14 of Customs Act, 1962, the assessable value has to be arrived at on the basis of the price which is actually paid and in a case the price is not sole consideration or if the buyers and sellers are related persons then after …

What is 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 is customs duty calculated in India?

You can access the custom duty calculator in the ICEGATE portal. Once you access the calculator, you will be required to enter the HS Code (CTH Code) of the good you are planning to import. Enter description within 30 characters and select the country of origin (for antidumping or preferential duty).