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assessable value

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A B B

Job

104 Points Joined August 2009

If the item purchased received in India after certain no of years (Say 2 Years). Then what will be the assessable value?

1) CIF + Landing Cost – Depreciation for 2 years

2) CIF + Landing cost

3) CIF + Landing cost OR fair value whichever is higher

4) Or none of the above

Replies (2)

RAMESH KUMAR VERMA

CS PURSUING

43853 Points Joined December 2009

DEAR ABB JI,

ASSESSABLE VALUE MEANS AFTER IT LANDS IN ANY INDIAN AIRPORT, THE DESIGNATED CUSTOMS OFFICER ASSESS THE VALUE OF THE MATERIAL BASED ON THE ITC HS CODE & HE WILL CALCULATE THE VALUE OF THE MATERIAL IN INDIAN RUPEES AND THIS VALUE IS CALLED ASSESSABLE VALUE, SO THAT BASED ON THIS VALUE THE CUSTOMS DUTY, CVD AND OTHER STATUTORY CHARGES ARE COLLECTED

WHAT IS YOUR QUERY NOW.

REGARDS