Introduction: The Ministry of Finance, Department of Revenue, Government of India, has issued Notification No. 25/2024-Customs (N.T.) on 28th March, 2024, amending the tariff values of several commodities under the Customs Act, 1962. This notification introduces changes in tariff values for edible oils, brass scrap, areca nut, gold, and silver with effect from the 29th day of March, 2024.
Detailed Analysis:
Edible Oils: The amendment affects various types of edible oils, including palm oil and soya bean oil. Tariff values have been adjusted for crude palm oil, RBD palm oil, and crude palmolein, among others.
Brass Scrap: The amendment also addresses the tariff value of brass scrap, impacting its importation. With the revised tariff value, importers and traders in the brass scrap industry need to reassess their cost structures and pricing strategies to maintain competitiveness in the market.
Areca Nut: The tariff value for areca nuts remains unchanged, indicating stability in this sector. This consistency provides certainty to traders and cultivators involved in the areca nut trade, facilitating smoother business operations.
Gold and Silver: Significant adjustments have been made in the tariff values of gold and silver. The notification categorizes different forms of gold and silver and specifies tariff values accordingly. These changes are crucial for stakeholders in the precious metals industry, influencing importation, pricing, and market dynamics.
Conclusion: The amendment in tariff values for edible oils, brass scrap, areca nut, gold, and silver reflects the Government of India’s proactive approach to economic regulation and international trade. By adjusting tariff values in response to market conditions, the government aims to promote fair trade practices, protect domestic industries, and ensure revenue optimization. Importers, traders, and other stakeholders should stay abreast of these amendments to navigate the evolving regulatory landscape effectively.
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Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
Notification No. 25/2024-Customs (N.T.) | 28th March, 2024
S.O. 1583(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), 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 | 929 |
| 2 | 1511 90 10 | RBD Palm Oil | 939 |
| 3 | 1511 90 90 | Others – Palm Oil | 934 |
| 4 | 1511 10 00 | Crude Palmolein | 944 |
| 5 | 1511 90 20 | RBD Palmolein | 947 |
| 6 | 1511 90 90 | Others – Palmolein | 946 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 938 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5033 |
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 | 706 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 | 794 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. |
794 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. |
706 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 | 6259 (i.e., no change)” |
2. This notification shall come into force with effect from the 29th day of March, 2024.
[F. No. 467/01/2024-Cus.V]
(Megha Bansal)
Under Secretary to the Govt. of India
Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (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. 22/2024-Customs (N.T.), dated the 15th March, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1367 (E), dated 15th March, 2024.
