Custom duty
BKJHA (B.Com) (68 Points)
03 September 2016
Dear sir/madam
please guide me about FOB,CIF and Assessed value with example.
1 Replies
Unnikrishnan B
(Forex In Charge)
(740 Points)
Replied 03 September 2016
FOB means free on board means cost upto the shipment of the goods from the foreign country all the costs upto the point tge goods are shipped from foreign country
When we add insurance and freight then it becomes CIF
Adding 1% (landing cost)to the CIF value we will get the assessable value
If landing cost csn be assessed then thst value to be taken not the nitional landing cost of 1%
If the landing cost which is acsertsinable then that is to be added not the notional 1%
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