High sea sale

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nikita tayal

nikita tayal (Querist)
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13 August 2016 How to compute Custom Duty on High sea sale contract? What would be Asessable value for High Sea Sale?

Dr.RAMAKRISHNA. C

Dr.RAMAKRISHNA. C (Expert)
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13 August 2016 Dear Tayal , Customs Duty on high sea sales would be calculated with reference to assessable value of high -sea -sale. High-sea- sale- charges are added to the declared CIF value. High - Sea -Sales are taken to be 2% of contract value as a general practice. You may refer to Customs Circular No: 32/2004-Cus dated 11.05.2004.