Introduction: The Ministry of Finance, Department of Revenue, through the Central Board of Indirect Taxes & Customs, has issued Notification No. 09/2024-Customs (N.T.) on January 31, 2024. This notification brings amendments to the Customs Act, 1962, specifically focusing on changes in tariff values for various goods. In this article, we will dissect the amendments outlined in the notification, with a particular emphasis on the alterations made to TABLE-1, TABLE-2, and TABLE-3.
Detailed Analysis: The notification exercises powers under sub-section (2) of section 14 of the Customs Act, 1962, introducing amendments to Notification No. 36/2001–Customs (N.T.), dated August 3, 2001. The key modifications involve substituting TABLE-1, TABLE-2, and TABLE-3, presenting revised tariff values for specified goods.
Notable changes include adjustments in tariff values for Crude Palm Oil, RBD Palm Oil, Crude Palmolein, RBD Palmolein, Crude Soya bean Oil, Brass Scrap, Gold, and Silver. These alterations impact import duties and valuation parameters, influencing various sectors involved in international trade.
Conclusion: In conclusion, Notification No. 09/2024-Customs (N.T.) introduces significant amendments to the Customs Act, with a focus on tariff values for diverse goods. Stakeholders, including importers, exporters, and industry participants, must carefully review and adapt to the revised values outlined in TABLE-1, TABLE-2, and TABLE-3. The effective date of February 1, 2024, marks the commencement of these changes.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 09/2024- Customs (N.T.) | Dated: 31st January, 2024
S.O. 396(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 | 884 |
| 2 | 1511 90 10 | RBD Palm Oil | 897 |
| 3 | 1511 90 90 | Others – Palm Oil | 891 |
| 4 | 1511 10 00 | Crude Palmolein | 903 |
| 5 | 1511 90 20 | RBD Palmolein | 906 |
| 6 | 1511 90 90 | Others – Palmolein | 905 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 925 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4802 |
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 | 658 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 | 748 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. |
748 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;(iii) 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. |
658 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 | 8140 (i.e., no change)” |
2. This notification shall come into force with effect from the 01st day of February, 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. 02/2024-Customs (N.T.), dated the 15th January, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 177 (E), dated 15th January, 2024.
