The Ministry of Finance, Department of Revenue, has issued Notification No. 32/2024-CUSTOMS (N.T.) amending the Customs Act, 1962. Effective from May 1, 2024, these amendments aim to enhance regulatory clarity and address evolving trade dynamics.
The notification introduces amendments primarily focused on revising tariff values for various goods listed under different chapters and headings. Notable changes include adjustments in tariff values for products such as palm oil, palmolein, soya bean oil, brass scrap, gold, silver, and areca nuts.
Under Table-1, revisions are made for tariff values of palm oil and palmolein. Similarly, Table-2 outlines alterations concerning tariff values for gold and silver in different forms. Additionally, Table-3 maintains the existing tariff value for areca nuts.
These amendments reflect the Ministry’s commitment to aligning customs regulations with changing market dynamics and international trade practices. By periodically revising tariff values, the government aims to ensure fair trade practices and maintain a conducive business environment.
The amendments provide clarity on tariff valuation, which is crucial for importers, exporters, and customs authorities to facilitate smooth trade operations. Moreover, they contribute to promoting transparency and predictability in customs procedures, thereby fostering confidence among stakeholders.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 32/2024-CUSTOMS (N.T.) | Dated: 30th April, 2024
S.O. 1876(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 | 944 |
| 2 | 1511 90 10 | RBD Palm Oil | 965 |
| 3 | 1511 90 90 | Others – Palm Oil | 961 |
| 4 | 1511 10 00 | Crude Palmolein | 969 |
| 5 | 1511 90 20 | RBD Palmolein | 972 |
| 6 | 1511 90 90 | Others – Palmolein | 971 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 959 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5461 |
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 | 751 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 | 886 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. |
886 per kilogram |
| 4. | 71 | (iii) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units;
(iv) 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. |
751 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 | 6033 (i.e., no change)” |
2. This notification shall come into force with effect from the 01st day of May, 2024.
[F. No. 467/01/2024-Cus.V]
MEGHA BANSAL, Under Secy.
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. 29/2024-Customs (N.T.), dated the 15th April, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1717 (E), dated 15th April, 2024.
