Custom act-plz xplain

area frm  indian port to 12 NM  is called TWI

12NM TO 24 NM IS CALLED ICW

24  TO 200 NM IS CALLED EEZ

THEN AFTER AREA IS CALLED HIGH SEAS

SIGNIFICANCE

TWI :- DETERMINE IMPORT EXPORT

ICW:- CUSTOM OFFICER CAN EXERCISE THEIR POWER

EEZ:- RELEVANT FOR SERVICE TAX

link is not working bro

bro is it related to my query?

bro if u can solve my query then it wud b of gr8 help and coming to author of this post ,then its me not her.

Originally posted by : ashima
	but what would b value of goods?how to determine value of goods?

Valuation can be done  as per valation rules of import & export

for computing custom duty, u need to understand chapter  first basic concept then valaution rules & then types of  custom duties

but then in books its given just in one line that value of goods will b price charged by importer to assesse in case of high sea sale............but what is the logic behind it?what do v mean by high sea?

you have rember whole act then speak the custom act 10 markes sum and case 10 mark law 

you have rember whole act then speak the custom act 10 markes sum and case 10 mark law 

how to find out assessable value:-

a valuation declaration is recq to be filled by the assessee regarding value of goods quantity etc( along with other cleareane doc.)

proper officer may reject such declaration, if he has reason to doubt the truth of vaue declared

if such declaration is not rejected by proper officer-

wheather all the condition of rule 3(2) (a)(b)(c)(d) are satisfied

if yes then Assessable value = transaction value

transaction value = sec 14(1) +rule 10(2) + rule 10(1)

if such  declaration is rejected by proper officer:- value determined by rule 4 to 9 (sequentially)

Export of imported goods without clearing it for home consumption is called high seas sales. For valuation purposes, you will have to follow custom valuation rules (self assessment) after which re-assessment is done by Custom authorities.

let me explain you thehigh seas sales....suppose there Mr. X who is importing fibre from USA.Now,the master of vessel [on behalf of shipping co. ] will issue a BILL OF LADING  to the Mr.X which he will have to surrender to master of vessel for taking delivery of fabric.plz note that bill of lading is  negotiable & it is evidence of tilte of goods,so Mr. X before clearing the fabric from customs sells it to Mr. Y by giving him  BILL OF LADING .So,now Mr. Y will clear the imported goods(fabric) & pay import duty.

The crux isT-If an importer sells imported goods to some other person before clearing them from customs..it is calle highseas sales.

also note that as per 2 of custom act,importer includes any owner or any person holding himself out to be the importer.(here,Mr.Y)

thanks abhishek for a perfect answer.................sorry could not convey the thanks gesture as i have exceeded the limit.