Unlock All CCI Pro Plans at 15% OFF. Limited-Time Offer. Subscribe Now!

Fob or cif

Save Share

This query is : Resolved

VIKASH KUMAR JAIN (Querist)
Follow

19 December 2013 Dear Sir, In which amount to charge Export duty in case of export of goods??Whether it is F.O.B. value or C.I.F. value.If C.I.F., then how will calculate the same for export duty??

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

02 January 2014 Method of calculation of duty:

On assessable value of Rs.100/-, the goods would be leviable to,-

Basic Customs Duty @ 35%

= Rs.35.0/-

Surcharge @ 10%

= Rs.3.5/-

Total Basic duty + Surcharge

= Rs.35.0 + Rs.3.5/-

= Rs.38.5/-

Value for the purpose of calculation of Additional Duty under section 3 of CTA, 1975

= Rs.100/- + Rs.38.5/-

= Rs.138.5/-

Additional Duty of Customs

= 16% of Rs.138.5/-

= Rs.22.160/-

Value for the purpose of calculation of

Special Additional Duty under Section 3A

of CTA, 1975

= Rs.100/- + Rs.38.5/- + Rs.22.160/-

= Rs.160.660/-

Special Additional Duty

= 4% of 160.660/-

= Rs.6.426/-

Total duty payable

= Rs.35.0 + 3.5 + 22.160 + 6.426/-

= Rs.67.086/-

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now