Our Recommendations :-
Follow CA Final FB Page

What is the essential difference between the BDV system of valuation and the valuation system under the ACV?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Uma asked over 2 years ago

    0       0 Answer Now Comment Report
6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 acharya answered about 2 years ago

The Uruguay Round Ministerial Decision Regarding Cases where Customs Administrations have Reasons to Doubt the Truth or Accuracy of the Declared Value, which has been subsequently adopted as a Decision of the WTO Committee on Customs Valuation (see Appendix III).

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered over 2 years ago

Customs value of imported goods has to be determined in accordance with the national laws of a country. However, in the case of a WTO Member country, its national laws on customs valuation have to be based on the following WTO instruments: ● Article VII of the General Agreement on Tariffs and Trade (GATT), 1994 (see Appendix I);

    0       0 Comment Report
Picsjoin 2017224123730582 Archana answered over 2 years ago

Hie Uma, - The former is based on the notional concept of an ideal or normal value that a good would fetch in the Open market whereas the latter is based on a positive concept relying more on the actual price paid or payable for the goods being valued.

    0       0 Comment Report
Open uri20170510 32134 1c996lj?1494421732 Anil answered over 2 years ago

Ans: Customs value of imported goods has to be determined in accordance with the national laws of a country. However, in the case of a WTO Member country, its national laws on customs valuation have to be based on the following WTO instruments: ● Article VII of the General Agreement on Tariffs and Trade (GATT), 1994 (see Appendix I); ● The Agreement on Implementation of Article VII of the GATT, 1994 (Usually referred to as the Agreement on Customs Valuation or ACV for short - see Appendix II); and ● The Uruguay Round Ministerial Decision Regarding Cases where Customs Administrations have Reasons to Doubt the Truth or Accuracy of the Declared Value, which has been subsequently adopted as a Decision of the WTO Committee on Customs Valuation (see Appendix III).

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 jitendra etikala answered over 2 years ago

The former is based on the notional concept of an ideal or normal value that a good would fetch in the Open market whereas the latter is based on a positive concept relying more on the actual price paid or payable for the goods being valued.

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered over 2 years ago

The former is based on the notional concept of an ideal or normal value that a good would fetch in the Open market whereas the latter is based on a positive concept relying more on the actual price paid or payable for the goods being valued. Thanks

    0       0 Comment Report
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.