Cif value of imports

Stat Audit 2584 views 1 replies

55 Points Joined September 2009

Hi All,

I have a query.

while calculating CIF value of imports , do i have to also include imports on Free of Cost basis.

freight and insurance on such FOC imports is booked as expense.

FOC imports is not shown as purchase.

Please help.
I am asking this question from Disclosure in notes as per revised sch VI point of view

And also if i have purchase cost + freight , then shuld i add 1% freight and ST of freight for value of CIF

Replies (1)

Article Assistant

206 Points Joined August 2012

Dear Ankit,

if no foreign currency expenditure is involved, disclosure is not required even though the specific

services have been imported so while calculating CIF value of Imports the imports on Free of cost basis are not to be included.

Yes you have to add Freight & ST for calculation of CIF value of imports.

Thanks & Regards

Amber Jain

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