Page 112 - COMBINED QUESTIONS AND ANSWERS - EDITION 2019 - PART II_Neat

Q-382: For determination of assessable value of imported goods, the following methods of
valuation have been provided in the Customs Valuation (Determination of Price of Imported
goods) Rules, 2007.

(a) Deductive method
(b) Computed value method
(c) Residual method
(d) Transaction value of Identical goods (e) Transaction value of similar goods

As per above said valuation rules, 2007, there is certain order in which these valuation
methods are to be applied. Identify the correct order in which above mentioned methods of
valuation are to be applied for valuation of goods in question.

(i) (e)- (d)- (a)- (b)-(c)
(ii) (d)- (e)- (b)- (c)-(a)
(iii) (d)- (e)- (a)- (b)-(c)
(iv) (e)- (d)- (b)- (a)-(c)
A-382: iii - (d)- (e)- (a)- (b)-(c)
Q-383: When can one apply the method of valuation based on the transaction value of identical
goods?
(a) The transaction value method fails and when transaction value of identical goods
imported at or about the same time is available.
(b) The transaction value not applicable and when transaction value of identical goods
imported at or about the same time is available.
Which one is not applicable on the above statement?
(i) a only
(ii) b only
(iii) both a and b
(iv) None of the above
A-383: iii - both a and b
Q-384: Rule 12 of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007
clarifies
(a) Declared value of the imported goods can be rejected
(b) Declared value of the imported goods cannot be rejected
Which one is correct on the above statement?
(i) a only
(ii) b only
(iii) both a and b
(iv) None of the above
A-384: i - a only
Q-385: The nature of contract CI as per the Customs Valuation Rules, 2007
(i) All the importers/Customs Brokers to declare the rate/amount of freight, loading,
unloading and handling charges also without fail to avoid the calculation of the
system as 20% of freight value.
(ii) If loading/unloading/handling charges are NIL, Importers/Customs Brokers are
required to put 0 (Zero) for loading, unloading and handling charges individually and
not blank.

107