TMI BlogCustoms valuation (Determination of Value of Export Goods) Rules, 2007- Instructions - reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... Safeguards The Chief Departmental Representative (CESTAT), Delhi Sir, Sub: Customs valuation (Determination of Value of Export Goods) Rules, 2007- Instructions - reg. Your attention is invited to section 95 of the Finance Act, 2007 which substitutes the existing section 14 of the Customs Act, 1962. The new section 14 of the Customs Act, 1962 shall come into force with effect from 10-10-2007 in terms of Notification No 93/2007-Customs (NT) dated 13th September, 2007. The Export Valuation Rules, i.e., Customs Valuation (Determination of Value of Export Goods) Rules, 2007 made under the provisions of section 14 of the Customs Act, 1962 , have been notified vide Notification No 95/2007-Customs (NT) dated 13-9-2007 and the same sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransaction value is, however, subject to the provision of Rule 8 which provides for rejection of declared value for the export goods in certain exceptional cases. These are situations where the assessing officer has reasons to doubt the truth or accuracy of the declared value and further enquiry or investigation is needed to determine the appropriate value. It is hereby instructed that when an investigation / enquiry is undertaken to determine whether or not the Declared Value should be accepted as Transaction Value, the export consignment shall not be ordinarily detained. Wherever there are doubts about the declared value of the export goods, the proper officer shall retain representative sealed samples, wherever considered necessary and f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f representative sample as indicated in para 5. The decision to initiate the process of investigation into valuation aspects, if any, shall be taken at the earliest at the level of Joint /Additional Commissioner. 8. In a case where transaction value cannot be determined or the declared value is rejected under Rule 8, and export value has to be determined by comparison in terms of Rule 4, the proper officer shall take utmost care in selecting an export product for an in-depth inquiry. The proper officer will make the adjustments objectively on the basis of the relevant factors, some of which have been illustrated at sub rule (2) of Rule 4. 9. Where the value has to be determined by Computed value method under Rule 5, the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... signments are held up for want of such declaration which may for the time being be obtained subsequent to exports. The filing of the declaration along with the shipping bill should however be enforced with effect from 12th November 2007. 12. The contents of this Circular may be brought to the notice of the field formations and the Trade under your jurisdictions. 13. Difficulties faced, if any, in implementation of the Circular may please be brought to the notice of the Board at an early date. 14. Please acknowledge receipt. 15. Hindi version follows. Yours faithfully (M. K. Singh) Director (ICD) Annexure-A EXPORT VALUE DECLARATION (See Rule 7 of Customs Valuation (Determination of V ..... X X X X Extracts X X X X X X X X Extracts X X X X
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