MILKY World

CIF VALUE & AV VALUE  DAIRY EQUIPMENT

When you import a material from any of the foreign country the foreign supplier or the person who send the material from foreign can send the material in different modes. Where as in your case it is on the basis of CIF. That means Cost, Insurance and Freight. That means, say you are in India and want to buy product "A" from US. The supplier who is sitting at US collect the cost of the material "A" and he will collect cost of the freight to ship out the material from US to India and also he covers the necessary insurance for the possible risks in the transit for that particular material. You need not have to pay any charges till it reaches the designated Air Port. This amount will be natuarally in foreign currency, say USD. or EURO or Yen and so on....

Assessable value means after it lands in any Indian Airport, the designated Customs officer assess the valu of the material based on the HS code and he will calculate the value of the material in Indian rupees and this value is called assessable value, so that based on this value the customs duty, CVD and other statutory charges are collected.

                                                                                                               

CIF Value (Cost Insurance & Freight) in Rupees
Landing Cost		1.00%
Assessable Value
BCD (Basic Custom Duty)		7.50%
CVD (Counter Veiling Duty)		10.00%
CVD Cess (Educational Cess 2% + Higher Educational Cess 1%)		3.00%
BCD Cess (Educational Cess 2% + Higher Educational Cess 1%)		3.00%
Special Additional Duty		4.00%
Total Duty Paid