Custom duty calcultation
Bhupendra Dubey
(Querist) 25 November 2011
This query is : Resolved
Sir / Madam
What will be the total amount for custom duty, If I import a used machine for 24000 Euro (Exchange Rate: 1 Euro is equal to INR 69.80/-), Insurance Charges@1.125%, Weight of the machine is 31120 Kgs.
Please reply earlier.
Devajyoti Barman
(Expert) 26 November 2011
Still no reply???/
Sorry , I have no idea.
Shailesh Kumar Shah
(Expert) 26 November 2011
you can put the same query at www.caclubindia.com for speedy answer.
C M Sharma
(Expert) 26 November 2011
Assessable value for Customs duty purposes is determined as follows:-
(FOB value + Freight actual or 20% of FOB if freight is not known + Insurance actual or 1.125% of FOB Value) * (Exchange Rate as declared by CBEC at the time of filing of Bill of Entry for import) = Indian Rupee value + 1% towards landing charges = total derived is the assessable value for dury purposes.
Weight of machine is not relevant for determining the duty.
Based on the Chartered Engineer's Valuation certificate the second hand machine value is also held as the FOB and not merely based on the invoice value.
Should there be supplemenatries please feel free to raise them.
Raj Kumar Makkad
(Expert) 27 November 2011
A question from Barman.....
If you have no reply of this query then what is the need to write it?
Author raises query with hope to see replies and not the incapability of expert to reply. It is better not to reply instead of posting that I don't have idea. Who has gone personally to you to ask whether you know its reply or not? If no reply, keep quite.
