Directorate General Customs Valuation (DGCV) on Wednesday revised the customs values of Latex Rubber Threads of various counts. According to the revised valuation, the Directorate has conducted an exercise to re-examine the values of Latex Rubber Threads of various counts in order to bring them in line with current price trend in the international market.
For the purpose, the stakeholders' meetings were convened on January 18 and 24 and asked them to submit relevant documents. The meetings were attended by importers and local manufacturer of Latex Rubber Threads. The importers requested that the prices of Latex Rubber Threads were lower in the international market whereas the local manufacturer insisted to increase the value as prices of the raw material is currently on higher side. Some importers submitted import invoices however the remaining requisite documents had not been furnished till date by the importers.
The Directorate analysed the available data, input provided by the stakeholders and international prices from internet sources. All the information was carefully examined for determination of customs value of Latex Rubber Threads. Consequently, the fall back method as provided under section 25(9) of the Customs Act, 1969 was applied to arrive at the assessable customs values of Latex Rubber Threads in this case. The customs values of Latex Rubber Threads hereinafter specified shall be assessed to duty/taxes on the Customs values mentioned against them in the Table below:
Latex Rubber Threads (30 to 44 counts) will now be assessed at US $2.65 per kg, Latex Rubber Threads (45 to 55 counts) origin from Malaysia at US $2.75 per kg, Latex Rubber Threads (56 to 63 counts) origin from Thailand at US $2.80 per kg & Latex Rubber Threads (64 to 90 counts) at US $3.55 per kg.
It said that the values determined vide this Ruling shall be the applicable Customs value for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority in terms of Sub-Sections (1) or (3) of Section 25-A of the Customs Act. 1969.