Introduction

Rate of duty and Tariff Valuation in case of Import and export of Goods is determined on the basis of Rate applicable on the Relevant date, which has been discussed below.

1. Date of determination of Rate of duty and tariff valuation of Imported Goods [Section 15 of Customs Act, 1962]

Relevant date for determining the Rate of duty and Tariff Valuation of Imported Goods under Customs Act, 1962 is different for different situations, which are as below:

a. If goods are entered for Home Consumption:

The relevant date is

  • Date of Presentation of Bill of Entry; or
  • Date of entry Inwards of the vessel or date of arrival of Aircraft or vehicle,

whichever is later.

b. If goods are cleared from a warehouse

The relevant date is Date of presentation of Ex-Bond Bill of Entry for Home Consumption.

c. In case of any other goods

The relevant date is Date of Payment of Duty.

Note: The above provision is not applicable to Baggage and import by Post.

2. Date of determination of Rate of duty and tariff valuation of Export Goods [Section 16 of Customs Act, 1962]

Relevant date for determining the Rate of duty and Tariff Valuation of Export Goods under Customs Act, 1962 is different for different situations, which are as below:

a. If goods are entered for Export:

The relevant date is Date of Let Export order by Proper Officer under section 51.

b. In case of any other goods

The relevant date is Date of Payment of Duty

Note: The above provision is not applicable to Baggage and export by Post.

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Qualification: CA in Job / Business
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Location: Uttar Pradesh, IN
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