Customs value of imported goods has to be determined in accordance with the national laws of a country. However, in the case of a WTO Member country, its national laws on customs valuation have to be based on the following WTO instruments:
● Article VII of the General Agreement on Tariffs and Trade (GATT), 1994 (see Appendix I);
● The Agreement on Implementation of Article VII of the GATT, 1994 (Usually referred to as the Agreement on Customs Valuation or ACV for short - see Appendix II); and
● The Uruguay Round Ministerial Decision Regarding Cases where Customs Administrations have Reasons to Doubt the Truth or Accuracy of the Declared Value, which has been subsequently adopted as a Decision of the WTO Committee on Customs Valuation (see Appendix III).
(http://www.dov.gov.in/)
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Customs value of imported goods has to be determined in accordance with the national laws of a country. However, in the case of a WTO Member country, its national laws on customs valuation have to be based on the following WTO instruments:
● Article VII of the General Agreement on Tariffs and Trade (GATT), 1994 (see Appendix I);
● The Agreement on Implementation of Article VII of the GATT, 1994 (Usually referred to as the Agreement on Customs Valuation or ACV for short - see Appendix II); and
● The Uruguay Round Ministerial Decision Regarding Cases where Customs Administrations have Reasons to Doubt the Truth or Accuracy of the Declared Value, which has been subsequently adopted as a Decision of the WTO Committee on Customs Valuation (see Appendix III).
(http://www.dov.gov.in/)