KARACHI: Director General Customs Valuation has revised the customs values of Cast Iron Submersible Motors and amended the Valuation Ruling No.990/2016 accordingly.
Representations were filed by M/s Chamber of Small Traders & Small Industry, M/s Zhob Chamber of Commerce of Industry and others for revision of values notified vide the Valuation Ruling No.990/2016 regarding the import of Cast Iron Submersible Motors.
All the petitioners contended that Customs values of the subject item had been increased unjustifiably vide the impugned Valuation Ruling and requested for re-consideration as per previous ruling’s values.
It was also pointed out that PCT heading for Cast Iron Submersible Motor was mentioned as 8501.5210 instead of PCT heading 8501.5290. However, PCT heading mentioned in the ruling is only for reference purpose and not binding.
Matter was examined in detail. The fresh inquiry by the office suggested that raise in values is more than adequate.
Resultantly, the values of Submersible Motors is revised at $12.50/KW and $11.75 /KW respectively. Directorate is also advised that the PCT heading for Submersible Motors (Cast Iron) from S.No. 01 to 06 of Valuation Ruling 990/2016 may be entered as 8501.5290 in the system as this heading attracts 20 percent duty whereas the heading mentioned in Valuation Ruling is 8501.5210 which attracts 5.0 percent duty.