Introduction: The Ministry of Finance’s Central Board of Indirect Taxes & Customs has released Notification No. 63/2023- Customs(N.T.) dated 31st August 2023, indicating amendments in tariff values for several commodities. This document addresses these amendments and provides a detailed look into the updated values.
1. Background: The original notification under consideration was Notification No. 36/2001–Customs (N.T.), dated the 3rd August 2001. These amendments have been made considering the changing economic and market conditions to ensure fair pricing and customs value.
2. Edible Oils: Palm and Soya Bean Oil:
- Crude Palm Oil: USD 898 per Metric Tonne
- RBD Palm Oil: USD 923 per Metric Tonne
- Others – Palm Oil: USD 911 per Metric Tonne
- Crude Palmolein: USD 934 per Metric Tonne
- RBD Palmolein: USD 937 per Metric Tonne
- Others – Palmolein: USD 936 per Metric Tonne
- Crude Soya bean Oil: USD 1034 per Metric Tonne
3. Metals – Brass, Gold, and Silver:
- Brass Scrap (all grades): USD 4786 per Metric Tonne
- Gold: Depending on its form, the tariff value is USD 627 per 10 grams.
- Silver: Depending on its form, the tariff value is USD 804 per kilogram. There are specific exceptions and explanations provided, particularly related to jewelry and coin forms.
4. Areca Nuts:
- Areca nuts: USD 7765 per Metric Tonne
5. Effective Date: The amended tariff values come into force from the 01st day of September, 2023.
Conclusion: With these amendments, the Central Board of Indirect Taxes & Customs has updated the tariff values, which will impact the imports of these commodities. It’s essential for traders, manufacturers, and related stakeholders to be aware of these changes for smoother customs clearance and appropriate tax payments.
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Ministry of Finance
(Department of Revenue)
(Central Board of Indirect Taxes and Customs)
Notification No. 63/2023– Customs(N.T.) | Dated: 31st August, 2023
S.O. 3851(E).—In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –
“TABLE-1
| Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $Per Metric Tonne) |
| (1) | (2) | (3) | (4) |
| 1 | 1511 10 00 | Crude Palm Oil | 898 |
| 2 | 1511 90 10 | RBD Palm Oil | 923 |
| 3 | 1511 90 90 | Others – Palm Oil | 911 |
| 4 | 1511 10 00 | Crude Palmolein | 934 |
| 5 | 1511 90 20 | RBD Palmolein | 937 |
| 6 | 1511 90 90 | Others – Palmolein | 936 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1034 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4786 |
TABLE-2
| Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $) |
| (1) | (2) | (3) | (4) |
| 1. | 71 or 98 | 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 | 627 per 10 grams |
| 2. | 71 or 98 | 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 | 804 per kilogram |
| 3. | 71 | (i) 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;
(ii) Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage. Explanation. – For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver. |
804 per kilogram |
| 4. | 71 | (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units;
(ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage. Explanation. – For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place. |
627 per 10 grams |
TABLE-3
| Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $ Per Metric Ton) |
| (1) | (2) | (3) | (4) |
| 1 | 080280 | Areca nuts | 7765” |
2. This notification shall come into force with effect from the 01st day of September, 2023.
[F. No. 467/01/2023-Cus.V]
HARISH KUMAR, Under Secy.
Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 60/2023-Customs (N.T.), dated the 14th August, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.3640 (E), dated 14th August, 2023.
