LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

PMV where applicable

Sushma Mevacha (Executive) (394 Points)

17 July 2009

I have seen the Column of PMV where applicable in the Shipping Bill.. I hv moticed that it is next to the FOB Value & is always 10 % more than FOB value..

Please clerify the every thing about the PMV value.. What is it? where & when required? please clerify all the details regarding the same along with the rule where & as they are applicable..

regards,

Sushma Mevacha

Reply
Follow
Share

5 Replies

Arun Kumar Singh (GST Advocate) (15188 Points)
Replied 17 July 2009

The Maximum Retail Price (MRP) is required to printer on the products as per the Weights & Measures Act, the MRP indicated on the products may also be accepted as PMV (Present Market Value).

Sushma Mevacha (Executive) (394 Points)
Replied 18 July 2009

So what is the deference FOB value & PMV value? kindly explain the things in details as I want to know?

Arun Kumar Singh (GST Advocate) (15188 Points)
Replied 21 July 2009

FOB means Free on Board i.e., when an exporter delivers goods "free on board" he pays all charges involved in getting them actually onto the ship. PMV mean Persent Market Value.

MUKESH THAKUR (2 Points)
Replied 21 November 2017

Hello sir,

Why mention the pmv in shipping bill. What is logic? I do not under stand.

(Example: how importer justify PMV in case of export shipment).

According to my knowledge, PMV mention on only india product.

Thanks & Regards,

MUKESH THAKUR

CS M Pota (Company Secreatary) (3180 Points)
Replied 17 February 2018

Dear Mukesh,

Section 76 of the Custosm Act 1962 which deals with the Prohibition and Regulation of Drawback in certain cases say that "no drawback will be allowed in respect of any goods the market-price of which is less than the amount of drawback due thereon ". Where any body want to claim drawback he has to export his/its goods and for that purpose he/it should file Shipping bill and at the time of filing of shipping bill it is required to mention Market Price for the purpose of the above said provision of Section 76.