Fob or cif
This query is : Resolved
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??
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/-
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/-
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