What is a CIF value?
The customs value or the Cost, Insurance and Freight (CIF) value is the actual value of the goods when they are shipped. As duties are calculated based on the CIF value, it is vital that it is calculated correctly.Click to see full answer. Just so, what is the meaning of CIF value?Cost, Insurance, and Freight…
The customs value or the Cost, Insurance and Freight (CIF) value is the actual value of the goods when they are shipped. As duties are calculated based on the CIF value, it is vital that it is calculated correctly.Click to see full answer. Just so, what is the meaning of CIF value?Cost, Insurance, and Freight (CIF) is an expense paid by a seller to cover the costs, insurance, and freight against the possibility of loss or damage to a buyer’s order while it is in transit to an export port named in the sales contract. Once the freight loads, the buyer becomes responsible for all other costs.Furthermore, what is FOB and CIF value? The abbreviation CIF stands for “cost, insurance and freight,” and FOB means “free on board.” These are terms are used in international trade in relation to shipping, where goods have to be delivered from one destination to another through maritime shipping. The terms are also used for inland and air shipments. In this way, how is CIF value calculated? To calculate the AV, You need to calculate the CIF value. As per Circular 39/2017-Customs, The CIF value and Assessable value are the same. CIF (Cost, Insurance, Freight) value is the total value of “Invoice value + Insurance + Freight + Ex-work charges (If any)”.What is FOB value?FOB value is value of goods excluding carriage, insurance and freight, i.e. roughly speaking, the domestic price in the country of origin.
