Metal importers under scrutiny for quoting low

20 Jul 2022 CW Team

After the customs authorities issued reassessment orders to a number of metal importers, commodity prices on the London Metals Exchange have been the most recent source of contention between numerous Indian importers and the revenue department. Officials contend that the prices for the metals on the LME were far greater than what the importers indicated. They have reportedly alleged that importers undervalued zinc and copper in order to avoid paying customs duty. Numerous importers have complained to the courts over the orders raising import charges. Importers claim that metal prices are quite erratic. They claimed that for calculating customs duty, the price at the time the order was placed, rather than the price in effect at the time the tax was imposed, must be taken into account. The reassessment decisions have been contested by a number of importers in the Madras High Court.

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