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XYZee Ltd. imports a machine from USA. The invoice value of the machine was 30,000 USD plus 1% loading charges at the load airport. Following…

CA Final · Indirect Tax Laws · PYQS · May 2026

XYZee Ltd. imports a machine from USA. The invoice value of the machine was 30,000 USD plus 1% loading charges at the load airport. Following additional amounts were paid by XYZee Ltd.: Sr. No. Particulars Amount (i) Charges paid to the exporter for the right to reproduce in India, the imported machine manufactured in USA. 5,000 USD (i) Erection and assembling charges paid for assembling at Indian airport to a company incorporated at USA. 1,50,000 Additional information: (i) Materials and components (not included / deducted at above) supplied by buyer to the exporter in USA at reduced rate at 3,000 USD. The actual cost of the said material was 4,000 USD. (ii) The cost of air freight and insurance charges are also not included in the invoice value since the same are not ascertainable. (iii) Exchange rate to be considered as 1 USD for 80. From the above information determine the assessable value of imported machine (rounded off to the nearest rupee) under the Customs Act, 1962 with appropriate working notes in brief.

Suggested Answer and Working Notes:

Computation of assessable value of imported machine Particulars Amount ($) FOB price of machine 30,000 Add: Materials and components supplied by the buyer [Includible in assessable value.] 4,000 FOB 34,000 Add: Air freight [Notes – 1 &4] [20% of Customs FOB = 20% [30,000+4000+300]] 6,860 Add: Insurance [1.125% of Customs FOB = 1.125% (30,000+4000+300)] 382.50 CIF value 41,182.5 Rate of exchange 80 Assessable value 32,99,670 Notes: (1) Loading charges are not separately added since they are already included in the freight computed at 20% of Customs FOB. However, to arrive at freight charges & insurance, it needs to be considered. (2) Charges for right to reproduce machine in India are not includible in assessable value.

Topics: Customs: Valuation under the Customs Act, 1962

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XYZee Ltd. imports a machine from USA. The invoice value of the machine was 30,000 USD plus 1% loading charges at the load airport. Following…

Suggested Answer and Working Notes:

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