CBIC Amends Customs Tariff Values for Various Goods

The Central Board of Indirect Taxes and Customs, under the Ministry of Finance, has made amendments to the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 36/2001-Customs (N.T.). The changes pertain to the tariff value of certain goods under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962). These amendments will come into effect from February 16, 2023.

Table 1 in the notification outlines the new tariff values for the following edible oils:

1. Crude Palm Oil: US$980 per metric tonne
2. RBD Palm Oil: US$998 per metric tonne
3. Other Palm Oil varieties: US$989 per metric tonne
4. Crude Palmolein: US$1003 per metric tonne
5. RBD Palmolein: US$1006 per metric tonne
6. Other Palmolein varieties: US$1005 per metric tonne
7. Crude Soya Bean Oil: US$1219 per metric tonne

Table 2 outlines the new tariff values for the following precious metals:

1. Gold: US$600 per 10 grams, for gold in any form in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed.
2. Silver: US$706 per kilogram, for silver in any form in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed.
3. Silver, in any form other than medallions and silver coins having silver content not below 99.9%, or semi-manufactured forms of silver falling under sub-heading 7106 92. This tariff value also applies to medallions and silver coins having silver content not below 99.9%, or semi-manufactured forms of silver falling under sub-heading 7106 92, except for imports of such goods through post, courier or baggage. This entry excludes foreign currency coins, jewellery made of silver or articles made of silver.
4. Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units. This tariff value also applies to gold coins having gold content not below 99.5%, and gold findings, except for imports of such goods through post, courier or baggage. For the purposes of this entry, “gold findings” refers to a small component, such as a hook, clasp, clamp, pin, catch, or screw back used to hold the whole or a part of a piece of jewellery in place.

Table 3 outlines the new tariff value for the following commodity:

1. Areca nuts: US$14026 per metric tonne.

See Ntfn 09/2023-Cus. (NT) dated 15.02.2023