The Central Government has amended certain provisions of the Customs Valuation Rules (CVR), 2007 in order to amend the definition of the term “place of importation”.
Section 14 of the Customs Act, 1962 deals with the valuation of imported and export goods. The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (CVR) contain the detailed provisions for arriving at the transaction value of the imported goods, on which the customs duty is levied.
As per the amendment, “place of importation” means the customs station, where the goods are brought for being cleared for home consumption or for being removed for deposit in a warehouse.”
Now, the value of the imported goods shall be the value of such goods, and shall include the cost of transport, loading, unloading and handling charges associated with the delivery of the imported goods to the place of importation and the cost of insurance to the place of importation subject to the conditions stipulated in the Notification.
Read the full text of the Notification below.
