SVB CUSTOMS
In cases where the Indian entity imports goods from its related companies located outside India, the Indian importer has to undergo an additional procedure commonly called as the Special Valuation Branch (‘SVB’) process, which is considered to be extremely complex and time consuming. The said examination by the Customs authorities is required to verify whether the goods supplied by the supplier from outside India to its related importer have been invoiced at “arm’s length price” or have been “undervalued” for the purpose of reducing Customs Duty liability.
Following procedure is required for SVB finalization:
- Submission of Annexure ‘A’ prior to filing the Bill of Entry.
- Registration of SVB case.
- Submission of Annexure ‘B’ and relevant documents such as relevant contracts, supporting documents and agreements.
- Follow up with the SVB Department for Investigation Report.
We at VNS logistics are here to make this tedious process easier for our clients by providing constant support of our exceptional staff.