Customs value of coaxial cable revised

Directorate General of Customs Valuation (DGCV) on Friday revised the customs value of coaxial cables under section 25 A of the Customs Act, 1969. According to the revised ruling, the DGCV has initiated an exercise for determination of customs values of coaxial cables. For the purpose, the stakeholders were invited at a meeting held on February 13, 2017 and requested to furnish the relevant documents to help the department in determining the customs value of the coaxial cables, but no documents were submitted in the DGCV on or even before the scheduled meeting.
However, during the course of the meeting, the stakeholders claimed that the value of raw material of the coaxial cables without PVC Jacket of China origin have actually been reduced in the international market as compared to the values determined in the existing valuation ruling and hence the values are required to be revised downwards, accordingly.
Following the said argument, they were requested to submit import invoices, sales tax invoices, literature, evidences and other relevant requisite import documents in support of their contention, but they failed to produce the same.
Later, all the information gathered through various sources was evaluated and analysed for the purpose of determination of customs values. Consequently, the customs values of coaxial cables have been determined under Section 25(9) of the Customs Act, 1969. Coaxial cable (with PVC Jacket) is now assessed at US$ 3.30, per kilogram, while the customs value of coaxial cable (without PVC Jacket), will now be determined at US$ 2.60, per kilogram. Besides, the DGCV has also ordered the concerned departments to ensure that there is no misdeclaration of any sort or violation of Import Policy Order or Section 15 of the Customs Act, 1969 or any other law.