Procedures and formalities to register with SVB (special valuation branch)
This post is one of the series of posts explaining in detail about Special Valuation Branch. I have tried to include maximum information about Special Valuation Branchin these articles in simple language. Hope, these articles suffice you to get complete information about Special Valuation Branch of Indian Customs department.
This post explains about the customs procedures and formalities on Special Valuation Branch process.
Special valuation branch
On receipt of the reference from Appraising Groups, the case is registered in Special Valuation Branch and a PD Circular for provisional assessment is issued. Copies of the same are issued to the importer and to the Appraising Groups as well. The importer shall indicate the PD Circular Number at the time of provisional assessment of all their imports in the Appraising Group and execute PD Bond with 1% Extra Duty Deposit on the assessable value of the goods. Along with the PD Circular a questionnaire in “Annexure A” is also issued to be filled up by the importer along with the list of all documents required to be submitted. The amount of extra duty deposit at present kept at 1% will be continued. The Board has however decided that if the importer does not furnish complete reply to the questionnaire within 30 days of receipt of the 'Questionnaire' by the importer, the extra duty deposit will be increased to 5% till the date of receipt of reply by the Department. The importers falling under the related category may keep ready all the documents along with the replies to the questionnaire, etc., at the time of first import itself, so that the case can be finalized as early as possible in the Special Valuation Branch.
This post explains about the customs procedures and formalities on Special Valuation Branch process. Would you like to add more information about procedures and formalities of customs on Special Valuation Branch (SVB) ? Share below your experience about Special Valuation Branch.
This post is one of the series of posts explaining in detail about Special Valuation Branch. I have tried to include maximum information about Special Valuation Branchin these articles in simple language. Hope, these articles suffice your needs to get complete information about Special Valuation Branch of Indian Customs department.