Customs has revised valuation benchmarks for imported glassware, porcelain ware, stoneware and decorative pieces originating from several countries, including China, Iran, the United Arab Emirates, Malaysia, Thailand, Turkey, Europe, the United States and Canada.
The matter followed review proceedings and a remand by the Customs Appellate Tribunal. During consultations, importers argued that the earlier values were excessive, while local manufacturers sought higher values to discourage under-invoicing and protect domestic industry. The parties submitted import documents and market information, but the available values showed wide variation.
Market enquiries indicated that porcelain sets varied considerably according to size, weight and quality, with a reported dominant average price of approximately Rs 1,500 to Rs 1,600 per kilogram. Importers should assess the final product-wise and origin-wise values carefully because Customs duty and import taxes may now be calculated on revised benchmark amounts.