Please see Includibilty of ship demurrage charges in the assessable value- the saga continues - the finale? in DDT 466 10 10 2006. It is indeed the finale!
No Settlement? The Rule on settlement of dispute has been deleted (erstwhile rule 11)
Rejection of declared value?Explanation has been provided to Rule 13 wherein it has been specified that the said Rule only provides a mechanism and procedure for rejection of declared value in cases where there is reasonable doubt that the declared value does not represent the transaction value. Some reasons for rejecting the declared value have been highlighted in the said explanation
Export value by comparison – This may open a Pandora’s box !!! If the officers have doubt about the valuation, we may find the comparison method come to play and maybe the hitherto relatively hassle free clearance of exports may get stuck up with the comparison jargon which also provides for adjustments on the basis of list of factors.
Overseas enquiry report, Market Enquiry Report, expert opinion of the Trade and specialized bodies to assist valuation officially and legally.
Please send in your comments on the draft Rules. CBEC has been kind enough to make these documents public; let’s help them in framing the law (assuming they are willing to listen)
The Draft Rules – import export