Director General Customs Valuation (DGCV) on Friday revised the customs duty of Carbon Black (Rubber Grade) under Section 25-A of the Customs Act, 1969. According to the DGCV, a meeting has been convened with all stakeholders including importers and representatives from clearance Collectorate on Thursday to discuss the issue related to the revision of customs duty of said item.
The commercial importers said that the prices of subject item were showing downward trend in the international markets, however, the local manufacturers disagreed with them. The viewpoint of all the participants was heard in detail.
The Directorate has thoroughly examined the information gathered from PRAL database, market information and international prices. Consequently, the fallback method as provided under section 25(9) of the Customs Act, 1969, was applied and revised the customs values of Carbon Black (Rubber Grade), which would now be assessed at US$1 per kilogram.
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vide this ruling shall be the applicable customs value for assessment of subject imported goods until and unless it is rescinded or revised by the competent authority in terms of sub-sections (1) or (3) of the Section 25-A of the Customs Act, 1969.