Fixation of Tariff value by Central Government

When the tariff values are fixed by the Central Government, the duty will be chargeable
with reference to such values only.
GATT Valuation
According to Article VII, of General Agreement on Tariffs Trade, Customs value of
imported goods shall be based on their actual value or the actual value of similar goods. The
concepts of GATT valuation of goods are as follows:
1. Actual value of goods
2. Price at designated time and place
3. Nearest ascertainable equivalent value
4. Content of Actual price
Principles of GATT Valuation:
 Neutral in effect
 Dumping duty not to be used
 Production against unfair competition
 General application
 Simple and Equitable criteria
 Commercial documents to be basis of valuation
 Quick clearance of goods
 Accessible to public
 Safeguarding secrets
Methods of valuation for customs:
I. Transaction value of same goods
a) Specified costs and services such as commission and brokerage