The Indian Ministry of Finance, under the Central Board of Indirect Taxes & Customs, has issued Notification No. 75/2023-Customs (N.T.) on October 13, 2023. This notification, exercising powers under section 14 of the Customs Act, 1962, amends tariff values for various goods, including edible oils, brass scrap, areca nuts, gold, and silver. In this article, we will delve into the details of this notification.
The Ministry of Finance, through Notification No. 75/2023-Customs (N.T.), has made amendments to the tariff values of specific goods. These values are essential for customs duty calculation, and the updated values have been listed in three tables, Table-1, Table-2, and Table-3.
Table-1 – Tariff Values for Edible Oils and Brass Scrap: Table-1 specifies the tariff values for crude palm oil, RBD palm oil, palmolein, crude soya bean oil, and brass scrap. These values are provided in US dollars per metric tonne.
Table-2 – Tariff Values for Gold and Silver: Table-2 lists tariff values for gold and silver in various forms. It includes tariff values for gold in any form, gold bars (other than tola bars), and gold coins. Additionally, it specifies tariff values for silver in various forms, including coins, medallions, and semi-manufactured forms of silver.
Table-3 – Tariff Value for Areca Nuts: Table-3 sets the tariff value for areca nuts, and it is presented in US dollars per metric tonne.
Effective Date: The notification, No. 75/2023-Customs (N.T.), came into force from the 14th day of October 2023.
Amendment to Principal Notification: This notification amends the original Notification No. 36/2001–Customs (N.T.), which was issued on August 3, 2001, and has been subject to various amendments. The latest amendment prior to this was Notification No. 71/2023-Customs (N.T.) on September 29, 2023.
Conclusion: Notification No. 75/2023-Customs (N.T.) issued by the Ministry of Finance establishes updated tariff values for various goods, such as edible oils, brass scrap, areca nuts, gold, and silver. These values are crucial for the calculation of customs duties. This notification ensures transparency and compliance with customs regulations, benefiting traders and businesses involved in importing and exporting these goods.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 75/2023-Customs (N.T.) | Dated: 13th October, 2023
S.O. 4507(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 | 859 |
| 2 | 1511 90 10 | RBD Palm Oil | 863 |
| 3 | 1511 90 90 | Others – Palm Oil | 861 |
| 4 | 1511 10 00 | Crude Palmolein | 868 |
| 5 | 1511 90 20 | RBD Palmolein | 871 |
| 6 | 1511 90 90 | Others – Palmolein | 870 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 972 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4682 |
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 | 603 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 | 716 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 subheading 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. |
716 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. |
603 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” |
2. This notification shall come into force with effect from the 14th day of October, 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. 71/2023-Customs (N.T.), dated the 29th September, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.4256 (E), dated 29th September, 2023.
