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What are the measuring rods included in Transaction value of imported goods?
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 you to get complete information about Special Valuation Branch of Indian Customs department.
In this article, information about transaction value and its connection with Special Valuation Branch (SVB) is explained.
Calculation of Transaction value by Customs department
The price of goods, any amount paid or payable for costs and services, including commissions and brokerage, engineering, design work, royalties and license fees, costs of transportation to the place of importation, insurance, loading, unloading and handling charges etc. are assessed by Customs Department to find transaction value of imported goods. Under Special Valuation Branch, the department verifies the circumstances in which the buyer and the seller shall be deemed to be related, 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 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 etc. are verified. As regular assessment of value of goods by customs on importation and exportation of goods, the rate of exchange is calculated on the date of which Bill of Entry (for imports) or Shipping Bill (for exports) is presented.
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The above information is a part of Import Export Training course online
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