Value mentioned in ARE-1 and Customs invoice
This query is : Resolved
17 February 2011
hi,
I understand that ARE-1 is a document used to remove a excisable/dutiable shipment from the factory premises, however is it mandatory that the value mentioned in the ARE-1 should match the invoice value that is submitted to the customs at the time of Exports?
For Eg: the product value mentioned in the ARE-1 is Rs.5000/-, but the exporter has given the commercial invoice value for Rs.25000/-. would this be acceptable to the customs?
I understand that ARE-1 is a document used to remove a excisable/dutiable shipment from the factory premises, however is it mandatory that the value mentioned in the ARE-1 should match the invoice value that is submitted to the customs at the time of Exports?
For Eg: the product value mentioned in the ARE-1 is Rs.5000/-, but the exporter has given the commercial invoice value for Rs.25000/-. would this be acceptable to the customs?
21 February 2011
Normally, value in Rupees is not mentioned on Commercial Invoice. It is in foreign currency. Value mentioned on ARE-1 is in Rupees which is taken from excise invoice prepared for removal of goods. This rupee value is arrived by applying Custom declared monthly exchange rate.
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21 February 2011
thanks, the example given was for illustration purpose only. IN the case that i have mentioned above, the ARE-1 mentions a value of INR 5000/-, but the invoice mentions a value of USD 500.
Would this difference in the ARE-1 value and customs invoice value be accepted by customs? If yes or no, please provide me with the relevant act/ notification by the customs/ central excise.
Would this difference in the ARE-1 value and customs invoice value be accepted by customs? If yes or no, please provide me with the relevant act/ notification by the customs/ central excise.
RAMESH KUMAR VERMA
(Expert)
03 March 2011
you are advise please amend it .........
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