What is Section 14(1) of Indian Customs Act, 1962?

 

The information provided here is part of Online export import training guide 


What is Section 14(1) of Indian Customs Act, 1962?

 

This post is one of the series of posts explaining in detail about  Special Valuation Branch.  I have tried to include maximum information aboutSpecial Valuation Branch in these articles in simple language.

 

This post explains about the Section 14(1) of Indian Customs Act, 1962.

 

This post is one of the series of posts explaining in detail about  Special Valuation Branch.  I have tried to include maximum information about Special Valuation Branch (SVB) in these articles in simple language.  Hope, these articles suffice your needs to get complete information about Special Valuation Branch of Indian Customs department.

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Section 14(1) in the Customs Act, 1962

SECTION 14.  Valuation of goods. — (1)  For the purposes of the Customs Tariff Act, 1975 (51 of 1975), or any other law for the time being in force, 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 and price is the sole consideration for the sale subject to such other conditions as may be specified in the rules made in this behalf :


                    Provided that such transaction value in the case of imported goods shall include, in addition to the price as aforesaid, any amount paid or payable for costs and services, including commissions and brokerage, engineering, design work, royalties and licence fees, costs of transportation to the place of importation, insurance, loading, unloading and handling charges to the extent and in the manner specified in the rules made in this behalf:


        
            Provided further that the rules made in this behalf may provide for,-


 
(i)   the circumstances in which the buyer and the seller shall be deemed to be related;

(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;

(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 value, and determination of value for the purposes of this section :


            Provided also that such price shall be calculated with reference to the rate of exchange as in force on the date on which a bill of entry is presented under section 46, or a shipping bill of export, as the case may be, is presented under section 50.

 

The above post explains about Section 14(1) in the Customs Act, 1962.  Would you like to express your views about Indian customs valuation on imports and exports, share below your thoughts.

 


This post is one of the series of posts explaining in detail about  Special Valuation Branch.  I have tried to include maximum information about Special Valuation Branch (SVB) in these articles in simple language.  Hope, these articles suffice your needs to get complete information about  Special Valuation Branchof Indian Customs department.

 

The above information is a part of Import Export course online


Special Valuation Branch, A simple tutorial

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Guidelines to Special Valuation Branch (SVB) as per Circular No. 11/2001-Cus., dated 23-2-2001 Indian Customs   
The format of PD Bond for Special Valuation Branch    
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