Importers undervalue Chinese goods, make a killing MUMBAI: An MP3 player for the price of a candy; an LED torch that costs less than a Mumbai local train ticket; an emergency lamp at little more than the price of a kilo of tomato; an LED bulb for as much as cutting chai! No its not Christmas again but a peek at how Chinese goods are grossly undervalued by importers to evade customs duty. The declared value of an MP3 player is Rs 1.83, but you are unlikely to get it for less than Rs 230 in the market. An LED torch and LED bulb, both valued at Rs 8, will set you back by anything between Rs 350 and Rs 450. An emergency lamp shown as worth Rs 25 goes for Rs 1,000. The retail price of a tablet with 4GB memory is declared as selling for Rs 400, but is being sold in the market for Rs 4,299. In an investigation spanning six months, the Directorate of Revenue Intelligence has found that for over 3,673 items brought from China, the importers usually declared 1-9% of the actual value of the goods. Customs duty is about 31% of the value declared by the importers. FRIENDS OUR REGULATORY AUTHORITIES ARE SLEEPING OVER . THEY HAVE NO CLUE ABOUT WHAT IS COMING INTO COUNTRY & AT WHAT COST. ANTI DUMPING MEASUREMENT ONLY FOR SELECTED. CHEAP IMPORTS IS KILLING INDIAN MFG INDUSTRIES
Posted on: Thu, 23 Jan 2014 09:55:41 +0000
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