Cif value of imports

ankit (Ca) (55 Points)

16 August 2012  

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