Thursday, October 15, 2015

No excise duty on sum received due to price escalation if it isn’t known at or before time of removal

The Supreme Court of India held that Duty is payable at place, price and time of clearance of goods; hence, price-escalation, which was not contemplated at or before time of removal, cannot form part of transaction value especially when there is no allegation of understatement of value.


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