Import of Raw Material
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2011
dear members,
if the goods are imported under CIF basis, then do the purchaser has to show that goods as goods in transit even before the goods reach the Indian Territorial water (i.e., 200 N.Mile)??
kindly explain relevant provisions of AS / IFRS and give ref..
reply at the earliest.
thanks in advance
if the goods are imported under CIF basis, then do the purchaser has to show that goods as goods in transit even before the goods reach the Indian Territorial water (i.e., 200 N.Mile)??
kindly explain relevant provisions of AS / IFRS and give ref..
reply at the earliest.
thanks in advance
RAMESH KUMAR VERMA
(Expert)
13 July 2011
CIF value of goods plus 1% landing charges (for loading, unloading and handling) is the basis for deciding ‘Assessable Value’.
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