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Introduction: The Indian Government, through the Ministry of Finance, Department of Revenue, has issued Notification No. 22/2024-CUSTOMS (N.T.) dated 15th March 2024, amending the tariff values for certain commodities under the Customs Act, 1962. This article delves into the revised tariff values for edible oils, brass scrap, areca nut, gold, and silver and analyzes the implications of these changes.

Detailed Analysis:

1. Edible Oils Tariff Values:

  • The notification substitutes previous tables with updated tariff values for various types of palm oil and palmolein, as well as crude soya bean oil.
  • Notable changes include adjustments in tariff values for crude palm oil, RBD palm oil, and others.

2. Brass Scrap Tariff Values:

  • The amended notification introduces a new tariff value for brass scrap, encompassing all grades, reflecting a significant increase compared to previous values.
  • The increase in tariff value indicates a potential impact on import duties and trading dynamics within the brass scrap market.

3. Gold and Silver Tariff Values:

  • The revised notification provides tariff values for gold and silver in various forms, including gold bars, gold coins, and silver in different forms.
  • Specific conditions and definitions are outlined, such as the purity of gold and silver contents, affecting the applicable tariff values.
  • The notification aims to streamline customs procedures and ensure compliance with relevant regulations governing the import of precious metals.

4. Areca Nut Tariff Values:

  • The tariff value for areca nuts remains unchanged, indicating stability in the import duties for this commodity.
  • This stable tariff value may contribute to consistent pricing and trading patterns in the areca nut market.

Conclusion: The revision of tariff values for edible oils, brass scrap, areca nut, gold, and silver by the Indian Government reflects ongoing efforts to regulate trade and ensure economic stability. These amendments carry implications for importers, exporters, and stakeholders involved in the respective industries. Understanding the revised tariff values is crucial for navigating customs procedures and making informed decisions in international trade transactions. As the changes come into effect on 16th March 2024, stakeholders should stay updated and adapt their strategies accordingly to mitigate any potential impacts on their businesses.

***

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

Notification No. 22/2024-CUSTOMS (N.T.) | Dated : 15th March, 2024

S.O. 1367(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 902
2 1511 90 10 RBD Palm Oil 912
3 1511 90 90 Others – Palm Oil 907
4 1511 10 00 Crude Palmolein 917
5 1511 90 20 RBD Palmolein 920
6 1511 90 90 Others – Palmolein 919
7 1507 10 00 Crude Soya bean Oil 933
8 7404 00 22 Brass Scrap (all grades) 4867

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 696 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 809 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.

809 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.

696 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 16th 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. 17/2024-Customs (N.T.), dated the 06th March, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1117 (E), dated 06th March, 2024.

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