Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Value for Customs purpose only

Save Share

This query is : Resolved

Sanjay Sharma (Querist)
Follow

25 November 2009 Is it possible to mentioned “ Value for Customs purpose only” in the commercial Invoice for export shipment, if the value of some product included in the final product, Example- Tractors Exported without wheel Rim but the value of the same included.

Now, customer asking to send the Wheel Rim but since he has already paid the money for the same, he wants to bill the Rim with the “ Value for Customs purpose only” so that he can save the customs duty on that. At our end is it possible to mention it or not. We have the said rims purchased duty paid and our export is under LUT.
Pls clear ASAP

Sunil

Sunil (Expert)
Follow

25 November 2009 It will be better to evidence that your price included wheel rims and when you are making the shipment you will have to assign a value for the wheel rims but you show it as received and included in your previous bill and therefore no further payment coming. Consider doing like this if possible:-
1) Revise your 1st invoice to show tractor without wheel rims and reduce the value of the wheel rims.
2) make a new invoice for the wheel rims.
3) Adjust the excess payment from the first invoice into the second invoice.

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