Section 1: "Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations shall be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures

Q: What does Section 1 of The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (TCVDVIGR) deal with?

Section 1 TCVDVIGR pertains to ""Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations shall be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures". It is part of the The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, a legislation enacted by the Parliament of India. Section 1 of The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (TCVDVIGR) governs "Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations shall be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures. As verified on 19 May 2026.

Q: Is Section 1 TCVDVIGR still in force?

Yes, Section 1 of the The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 is currently in force across the Republic of India.

Q: What is धारा 1 TCVDVIGR?

धारा 1 TCVDVIGR is the Devanagari Hindi reference for Section 1 of the The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. Section 1 of The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (TCVDVIGR) governs "Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations shall be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures. As verified on 19 May 2026.

Q: What is Dhara 1 TCVDVIGR?

Dhara 1 TCVDVIGR is the Roman Hindi reference for Section 1 of the The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007. "Dhara" means "Section" in Hindi. Section 1 of The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (TCVDVIGR) governs "Generally accepted accounting principles" refers to the recognized consensus or substantial authoritative support within a country at a particular time as to which economic resources and obligations shall be recorded as assets and liabilities, which changes in assets and liabilities should be recorded, how the assets and liabilities and changes in them should be measured, what information should be disclosed and how it should be disclosed and which financial statements should be prepared. These standards may be broad guidelines of general application as well as detailed practices and procedures. As verified on 19 May 2026.

Q: How to cite Section 1 of The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007?

Cite as: "Section 1, The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 (TCVDVIGR)" in legal briefs. For academic writing, use the BlueBook format: The Customs Valuation (Determination of Value of Imported Goods) Rules, 2007, § 1 (India).

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Notes to rules

Note to rule 2

In rule 2(2)(v), for the purposes of these rules, one person shall be deemed to control another when the former is legally or operationally in a position to exercise restraint or direction over the latter.

Note to rule 3

Price actually paid or payable

The price actually paid or payable is the total payment made or to be made by the buyer to or for the benefit of the seller for the imported goods. The payment need not necessarily take the form of a transfer of money. Payment may be made by way of letters of credit or negotiable instruments. Payment may be made directly or indirectly. An example of an indirect payment would be the settlement by the buyer, whether in whole or in part, of a debt owed by the seller.

Activities undertaken by the buyer on his own account, other than those for which an adjustment is provided in rule 10, are not considered to be an indirect payment to the seller, even though they might be regarded as of benefit to the seller. The costs of such activities shall not, therefore, be added to the price actually paid or payable in determining the value of imported goods.

The value of imported goods shall not include the following charges or costs, provided that they are distinguished from the price actually paid or payable for the imported goods:

(a) Charges for construction, erection, assembly, maintenance or technical assistance, undertaken after importation on imported goods such as industrial plant, machinery or equipment;

(b) The cost of transport after importation;

(c) Duties and taxes in India.

(a) The seller establishes the price of the imported goods on condition that the buyer will also buy other goods in specified quantities;

(b) the price of the imported goods is dependent upon the price or prices at which the buyer of the imported goods sells other goods to the seller of the imported goods;

(c) the price is established on the basis of a form of payment extraneous to the imported goods, such as where the imported goods are semifinished goods which have been provided by the seller on condition that he will receive a specified quantity of the finished goods.