Last updated: February 11th, 2020 1:11 AM
Valuation of Second Hand Machinery
The Government of India has prescribed a methodology to import second-hand machinery from other countries. As the system evolves with new technology and the scope of import, the government has revised the procedures in a detailed manner. The details include the process and the exact order to apply the rules of valuation for various cases. The Central Board of Indirect taxes & Customs has issued a circular (Circular No. 07/2020-Customs) dated 5th February 2020 regarding the valuation of machinery and procedures are explained in this article.Valuation of Second Hand Machinery
The following are the details in the Circular: Background: Previously, Circular No. 25/2015
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