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Customs Valuation

(Querist) 04 March 2008 This query is : Resolved 

i would like to know how they value a particular item when it is imported by a person when he returns back from abroad. suppose that person brings a laptop say Worth Rs.50000 from abroad and that particular laptop is available in india for rs. 75000.

is their any schedule which is available for reference.

pls reply at the earliest

veenzar (Expert) 06 March 2008
Section 14 (1) provide following criteria for deciding ‘Value’ for purpose of Customs Duty :

Price at which such or like goods are ordinarily sold or offered for sale

Price for delivery at the time and place of importation or exportation

Price should be in course of International Trade

Seller and buyer have no interest in the business of each other or one of them has no interest in the other

Price should be sole consideration for sale or offer for sale

Rate of exchange as on date of presentation of Bill of Entry as fixed by CBE&C (Board) by Notification should be considered
Rajesh Kumar (Expert) 07 March 2008
The value of goods in india is irrelevant for the purposes of custom valuation. Thus if you purchased a lap top for Rs. 50,000/-, its value will be based on 50,000/- and not on 75000/-, which is price of same goods in india.
On this 50000 various exemption will be available, like depreciation if the laptop if used, baggage allowance, exemption if it is used by you in frutherance of your profession business etc.

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