Introduction: The Ministry of Finance, Government of India, through the Central Board of Indirect Taxes & Customs, has issued Notification No. 89/2023-CUSTOMS (N.T.) dated 30th November, 2023. This notification, exercising powers under the Customs Act, 1962, brings significant amendments to the Customs Tariff, specifically altering tariff values for various goods.

Detailed Analysis:

Amendments to TABLE-1: The notification substitutes TABLE-1 in the existing Customs (N.T.) notification, impacting the tariff values for essential goods such as Crude Palm Oil, RBD Palm Oil, Crude Palmolein, and others. Notable changes include adjustments in tariff values for Brass Scrap and Crude Soya bean Oil.

Revised TABLE-2: TABLE-2 witnesses modifications related to Gold and Silver. The notification specifies tariff values for Gold and Silver in different forms, emphasizing the conditions under which specific benefits are availed.

Updates in TABLE-3: The amendments extend to TABLE-3, affecting the tariff values for Areca nuts. While the description remains the same, there’s a notable tariff value specified for Areca nuts.

Effective Date: This Customs Tariff amendment, outlined in Notification No. 89/2023-CUSTOMS (N.T.), is scheduled to come into force on the 1st day of December, 2023.

Conclusion: In summary, the latest notification from the Ministry of Finance brings crucial changes to Customs Tariff values for various goods. Businesses and individuals involved in the import and export of commodities mentioned in the notification need to take note of these amendments. The effective date of December 1, 2023, marks the commencement of these changes, emphasizing the need for timely awareness and compliance.

This detailed article provides a comprehensive overview of the Customs Tariff amendments introduced by the Government of India, ensuring readers understand the implications and significance of Notification No. 89/2023-CUSTOMS (N.T.).

*****

Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs

 Notification No. 89/2023-Customs (N.T.) | Dated: 30th November, 2023

S.O.5118(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 870
2 1511 90 10 RBD Palm Oil 878
3 1511 90 90 Others – Palm Oil 874
4 1511 10 00 Crude Palmolein 882
5 1511 90 20 RBD Palmolein 885
6 1511 90 90 Others – Palmolein 884
7 1507 10 00 Crude Soya bean Oil 1010
8 7404 00 22 Brass Scrap (all grades) 4688

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  

659 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  

 

807 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.

 

 

807 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.

 

659 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 8068(i.e., no change)”

2. This notification shall come into force with effect from the 01st day of December, 2023.

[F. No. 467/01/2023-Cus.V]

(Komila Punia)

Deputy Secretary to 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. 86/2023-Customs (N.T.), dated the 28th November, 2023 e- published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 5061 (E), dated 28th November, 2023.

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