The Importers invoice is as follows :
Raw Material Cost $ 1,00,000.00
Air Freight $ 50,000.00
CFR Chennai Air Port $ 1,50,000.00
Let me know the Customs calculation in this regard.
Air Freight Restriction of 20% is for both FOB and CIF or only for FOB Imports. Our C&F is claiming that that restriction is only for FOB imports and not for CIF imports? Is he Correct ?
Please clarify in this regard. Thanks in this regard.
In the case of imports by Air fright. Freight charges will be limited to 20% of FOB price. this is the maximum limit. It is irrelevent whether it is FOB purchase or CIF purchase.
so in this case 20% of FOB cost will be assumed as Air Freight. that may be 20% on matrial cost.
In air import, There is no limit of air freight but it says that maximum 20% of air freight can be added in assessable & assessable value is the base of duty calculation in import.
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