BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Transaction Value
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Dutiable Value
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Identical Goods
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Detailed explanation-1: –are imposed or required by law in the country of importation; -are limited to the geographic area in which the goods may be resold; -do not substantially affect the value of the goods.
Detailed explanation-2: -Definition: Customs Duty is a tax imposed on imports and exports of goods. Description: The rates of customs duties are either specific or on ad valorem basis, that is, it is based on the value of goods.
Detailed explanation-3: -Transaction Value: It includes all payments made as a condition of sale of the imported goods by the buyer to the seller or by the buyer to a third party to satisfy an obligation of the seller.
Detailed explanation-4: -Rule 4(1) in turn states : “The transaction value of imported goods shall be the price actually paid or payable for the goods when sold for export to India, adjusted in accordance with the provisions of Rule 9 of these rules.”