Business Standard

Sunday, January 19, 2025 | 03:20 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Imports from related party will be scrutinised by Customs: Expert

Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined

Ship, Customs
Premium

Input output norms take into account the wastage that may be generated during manufacturing process

TNC Rajagopalan
In a related party transaction between a wholly-owned subsidiary located abroad and the Indian parent company, if there is a regular trade and certain customised items do not have any comparable independent price, what procedure is to be followed under the Customs Act?

Rule 3(3)(a) of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined. Rule 3(3)(b) provides an opportunity for the importer to demonstrate that the transaction value closely approximates to a “test” value previously accepted by the proper

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in