Simpler rule on landing charges

Changes will help align custom valuation rules with WTO norms

The Central Board of Excise and Customs (CBEC) intends to abolish loading 1 per cent landing charges on CIF (cost, insurance and freight) value of imported goods. Its website has uploaded the proposal to amend Rule 10(2) of the Customs Valuation (Determination of Price of Imported Goods) Rules, 2007 — known as the Customs Valuation Rules (CVR) — and invited stakeholders’ comments.  

For imports, Section 14(1) of the Customs Act, 1962, prescribes the basis for valuation as transaction value — price paid or payable for the goods when sold for export to India for delivery at a place and