VALUATION ON THE BASIS OF TRANSACTION VALUE IN CASE OF IMPORTS [Section 14(1)]
Transaction Value means
- the price actually paid or payable for the goods
- when sold for export to India
- for delivery at the time and place of importation
- where the buyer and seller of the goods are not related and
- price is the sole consideration for the sale
subject to such other conditions as may be specified in the rules made in this behalf i.e. the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007.
Transaction Value includes
Amount paid or payable for
commissions and brokerage
- design work
- royalties and licence fees
- costs of transportation to the place importation
- loading, unloading and handling charges
to the extent and in the manner specified in the Valuation Rules referred above.
As per section 14(1) of the Customs Act, 1962, the value of the export goods shall be the transaction value of such goods.