Centre develops new metrics for imports after reports of under-reporting

In November, media reports emerged showing a $12 billion mismatch in the Indian and Chinese trade figures between January and September

The Centre has developed new valuation metrics for imports after large-scale under-invoicing of steel imports from China to evade customs duty and GST were unearthed, a report in Mint said. 

In April-July, the Directorate General of Valuations under the Central Board of Indirect Taxes & Customs (CBIC) found out that stainless steel flat products of J3 grade were imported at an average value of Rs 87 per kg as against the similar products of 201 grade imported at an average value of Rs 163 per kg, the report added. 

In November, media reports emerged showing a $12 billion mismatch in the