Ms. Poorvisha has exported some goods to Sydney, Australia. She provides the following details to you : (i) CIF value of the goods = AUD 210,000. (ii) FOB price of goods : (Australian $) AUD 200,000. (iii) Shipping bill

Computation of export Duty Payable Particulars Amount FOB price of goods [Note 1] AUD 200,000 Value in Indian currency (AUD 200,000 x ₹ 70) [Note 2] ₹ 1,40,00,000 Export duty @ 10% [Note 3] ₹ 14,00,000 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.