Valuation ruling is actually a list of the pre-determined customs value of imported products, these prices fixed according to the international market price of the product.
Who Determine Customs Value of Products?
Customs value of products set by customs high official (Director or Collector of Customs), in order to determine customs value meeting arrange in which importer and trade association of related product participate and help customs official to determine customs value of the product.
Why Customs Values of Imported Products Determine?
It has been brought to the knowledge of the Directorate General that products were being assessed at varying value, mostly under invoiced. Therefore, Directorate General initiated an exercise for determination of customs values.
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