Therefore, several importers filed revision applications under section 25-D of the Customs Act 1969 and representations from different stakeholders were also received. Keeping the prevailing prices in the international market in view, the Directorate has then initiated an exercise for re-determination of the customs values of the subject goods.
For the purpose, meeting with all stakeholders including importers and representatives from clearance Collectorates was held to discuss the current international prices of the subject items. During the course of proceedings, several written and verbal representations were made by the stakeholders. They contended that epoxide resin has different chemical compositions (low, medium, high viscosity) and used for different applications in paint industry therefore, one value cannot be determined for the epoxide resin.
They emphasized that said item was based on petro-chemical and its price varies with international oil prices which are verifiable and added that the transactions in this regard are always documented and verifiable.
After hearing the viewpoints of the stakeholders the Directorate after adopting different methods - valuation method, transaction value method, identical goods value method and computed value method conducted market inquiries and obtained online values of subject goods.
Later, all gathered information was evaluated and analyzed. Consequently, the customs values of phenolic resin, polyurethane resin, melamine resin, and epoxide resin have been determined under section 25 (9) of the Customs Act, 1969.