Freight component in case imported by charter hire

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2012 we are importing coal and vessel is on our charter hire and we are also sub letting vessel now for calculating assessable value of imported coal how we calculated the freight component in case of provisional assessment and final assessment .

please also mention difficulty may raised in provisional assessment and final assessment .

Rama Krishnan

Rama Krishnan (Expert)
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13 October 2012
1. IF YOU HAVE IMPORTED COAL IN CHARTERED VESSEL AND ASSUME HAVE PAID RS. 100 FOR CHARTERING THE VESSEL. YOU HAVE ALSO SUB LET PARTIAL VESSEL SPACE TO A THIRD PERSON FOR WHICH YOU GOT TS. 50/-. IN SUCH SCENARIO RS 50 WILL BE FREIGHT COMPONENTS FOR CUSTOMS DUTY CALCULATIONS. YOU HAVE TO SHOW THE PROOF OF PAYMENT OF RS. 100 AND ALSO PROOF OF SUB LETTING AND RECEIPT OF RS. 50/-

2. WHY DO YOU WANT TO ASSESS PROVISIONALLY??? NOT CLEAR

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2012 but what above the other port expenses paid at the load port and what above bunker used in charater vessel and how to do provsional assessement

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Rama Krishnan

Rama Krishnan (Expert)
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13 October 2012 BUNKER CHARGES WHICH IS BASICALLY THE FUEL SURCHARGE FOR VESSELS WILL ASLO BE ADDED TO THE FREIGHT FOR CUSTOMS DUTY CALCUALTION, ALONG WITH OTHER PORT CHARGES PAID AT ORIGIN.

Querist : Anonymous

Querist : Anonymous (Querist)

13 October 2012 can I consider 20% FOB as freight under Rule 10 of Customs Valuation Rules. for provsional assessement of BE

Rama Krishnan

Rama Krishnan (Expert)
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13 October 2012 YES YOU CAN CONSIDER 20% OF INVOICE VALUE OR ACTUAL FREIGHT , WHICH EVER IS LOWER. RULES DOES ALLOW THAT...

YOU HAVE NOT EXPLAINED WHY ARE YOU GOING IN FOR PROVISIONAL ASSESSMENT??? YOU CAN VERY WELL FINALLY ASSES YOUR BILL OF ENTRIES...