MNO & Co. has also exported some equipment by air. The FOB price of goods exported is US $60000. The shipping bill was presented electronically on 17th October, 2022 and proper officer passed order permitting clearan

Computation of Export Duty Particulars Amount (₹) FOB price of goods (Note-1) US $60,000 Assessable Value (US$ 60,000 x ₹78) (Note-2) ₹46,80,000 Export duty @ 10% (Note-3) ₹4,68,000 Notes: - As per section 14(1) of the Customs Act, 1962, assessable value of the export goods is the transaction value of such goods which is the price actually paid or payable for the goods when sold for export from India for delivery at the time and place of exportation. As per third proviso to section 14(1) of the Customs Act, 1962, assessable value has to be calculated with reference to the rate of exchange notified by the CBIC on the date of presentation of shipping bill of export. As per section 16(1) (a) of the Customs Act, 1962, in case of goods entered for export, the rate of duty prevalent on the date on which the proper officer makes an order permitting clearance and loading of the goods for exportation, is considered. Export Duty does not carry Social Welfare Surcharge (SWS).