Customs Import and Export valuation Rules notified - effective 10th October
Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 and the Customs Valuation (Determination of Value of Export Goods) Rules, 2007 are notified with effect from 10th October 2007. It is only on 10th October 2007 that the government gets the power to make these rules. Is it valid if the rules are made on 13th September when there was no power under the statute to make these rules?
DDT is not embarking on explaining the Rules as we have got an expert doing that job in our Guest Column today. JM Kishore, a Customs Appraiser, was the only Indian officer who won a prize in the WCO HS classification competition in 2006. Kishore explains the Rules and hopes that litigation will come down.
He has also made two excel files giving the highlights of the rules. Please download the files to your system and keep it as your ready reckoner for the new valuation rules. The import valuation Rules are covered extensively and we will bring you the detailed analysis of export valuation rules soon.
NOTIFICATION NO. 94 and , Dated: September 13, 2007