Tough
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
ABC Italy and ABC India are related parties. ABC Italy is supplying axles to ABC India and ABC India in turn makes high sea sale of these axles to TAFE India, an unrelated party. Subsequently at end of the year, ABC India is paying price increase as part of transfer price adjustment to ABC Italy for the supplies made by them during the accounting year. Comment on impact of the same on the customs duty liability on the import transaction involved in above.
Please provide the answer with complete provisions.
Please provide the answer with complete provisions.
RAMESH KUMAR VERMA
(Expert)
12 October 2013
the customs duty is chargeable on genuine transaction value.
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars10/circ11-2k10-cus.htm
https://www.cbec.gov.in/customs/cs-circulars/cs-circulars10/circ11-2k10-cus.htm
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