Directorate General Customs Valuation (DGCV) has revised the customs values of galvanized iron and steel ceiling suspension system/tee-grid. According to details, the customs values of subject items were earlier determined under section 25-A of Customs Act, 1969 vide valuation ruling 1120 in 2017. Therefore, it needs revision to reflect the current price in international market.
For the purpose of re-determining the customs values of the subject goods, meeting with stakeholders was convened where importers and officers from clearance Collectorate were present. Representatives of Collectorate stated that values were suppressed as compared to the increase in the value of its raw material, which are published internationally.
On the other hand, importers have requested to reduce values of the galvanized iron and steel ceiling suspension system/tee-grid but did not submit any documentary evidence to support their contentions. Later, valuation methods given in section 25 of the Customs Act, 1969 were applied sequentially to address the valuation issue at hand. Transaction value method under sub-section (1) of section 25 of the Act ibid was found inapplicable because there were wide differences in values in the declarations.
Identical goods valuation methods provided in sub-sections (5) and (6) of section 25 of the Customs Act, 1969 were examined for applicability to the valuation issue in the instant case which provided some reference values of subject goods but the same could not be exclusively relied on due to wide variations in the declared values of the subject goods.
In line with the statutory sequential order of section 25, the DGCV then conducted market inquiries using deductive value method under sub-section (7) of the section 25 of the Customs Act. 1969 and customs values of galvanized iron and steel ceiling suspension system/tee-grid were determined under section 25(7) of the Customs Act, 1969. The customs values for galvanized iron & steel ceiling suspension system/tee-grid, hereinafter specified shall now be assessed to duty /taxes at $1.35 per kilogram under PCT 7308.9090 & 7308.9090.1000.
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