Company based outside India is sending an item to India for repair and then it will be returned. my question is since the item is slightly damaged and coming for repair, what will be the invoice value? The second question is how will be the valuation of this item carried out since it is slightly damaged.
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Value of imported goods
Replies (2)
Hope it is an Indian origin good imported for repair and return purpose.
In this case at the time of import the fair market value of the product to be declared. Also, all import documents should clearly indicate the items imported is for repair and return purpose.
Duty need not be paid on these goods as per Customs notification no.:158 / 95 dt.:14.11.95. However, you have to execute a bond and BG.
After completing repair and export, the bond and BG executed @ customs shall be canceled. Identity of the cargo to be provided at the time of export.
Refer Customs notification no.:158 / 95 dt.:14.11.95 for detailed guidelines.
Thanks. It is a Hmi ( a rugged tablet type screen used to provide local data to operator) screen made in USA, imported from Thailand because it was damaged. The Indian company is a service provider and will repair it.
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