CCI Online Learning
What do you want to learn today?
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Value of imported goods


S Aslam (Engineer)     03 February 2020

S Aslam
Engineer 
 37 points

| My Other Post

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.

VIJI (HEAD - PRODUCT DEVELOPMENT)     03 February 2020

VIJI
HEAD - PRODUCT DEVELOPMENT 
 3 likes  88 points

View Profile | My Other Post

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.

S Aslam (Engineer)     03 February 2020

S Aslam
Engineer 
 37 points

View Profile | My Other Post

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.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Popular Discussion


view more »



Trending Tags
dvat
tin nsdl
aatmanirbhar bharat
icai
gst portal
traces
accounts
pm cares fund
eway bill
VAT
newgstreturn
itc
Union Budget
ca
ca exams
audit
llp
itr
career
gstr 9
sebi
corporate law
ca students
dgft
custom
ca rankholder interview
Excise
companies act 2013
Service Tax