Govt Increases Custom Values on Import of Iron and Steel Scrap
In this connection, the directorate has issued a valuation ruling, here on Thursday.
According to the ruling, in the exercise of the powers conferred under Section 2S-A of the Customs Act, 1969, the Customs values of Iron and Steel Scrap (remeltable/HMS scrap/shredded scrap/re-rollable scrap and compressor scrap) are determined.
Background of the valuation issue revealed that earlier, the customs values of iron and steel scrap were determined to vide Valuation Ruling No 1455/2020.
Numbers of representations were received wherein, it was contended that the values fixed in valuation ruling using problems to importers at the clearance stage because the international market varies with demand and supply factor.