TMI BlogCustoms Valuation (Determination of Price of Imported Goods) Rules, 1988X X X X Extracts X X X X X X X X Extracts X X X X ..... their publication in the Official Gazette. 2. In rule 2 of the Customs Valuation (Determination of Price of Imported Goods) Rules, 1988 (hereinafter referred to as the said Rules), in sub-rule (1), for clause (a), the following clauses shall be substituted, namely :- "(a) "Computed value" means the value of imported goods determined in accordance with rule 7A of these rules. (aa) "deductive value" means the value determined in accordance with rule 7 of these rules"; 3. In rule 4 of the said rules, in sub-rule (3) in clause (b), after sub-clause (ii), the following sub-clause shall be inserted, namely :- "(iii) the computed value for identical goods or similar goods :". 4. after rule 6 of the said rules, the following rule shall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Note to rule 7, the following Note shall be inserted, namely :- "Note to Rule 7A 1. As a general rule, value of imported goods is determined under these rules on the basis of information readily available in India. In order to determine a computed value, however, it may be necessary to examine the costs of producing the goods being valued and other information which has to be obtained from outside India. Furthermore, in most cases, the producer of goods will be outside the jurisdiction of the proper officer. The use of the computed value method will generally be limited to those cases where the buyer and seller are related, and the producer is prepared to supply to the proper officer the necessary costings and to provide facilities for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alued which are made by producers in the country of exportation for export to India. 5. t should be noted in this context that the "amount for profit and general expenses" has to be taken as a whole. It follows that if, in any particular case, the producer's profit figure is low and his general expenses are high, the producer's profit and general expe-nses taken together may nevertheless be consistent with that usually reflected in sales of goods of the same class or kind. Such a situation might occur, for example, if a product were being launched in India and the producer accepted a nil or low profit to offset high general expenses associated with the launch. Where the producer can demonstrate a low profit on his sales of the imported go ..... X X X X Extracts X X X X X X X X Extracts X X X X
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