Introduction: The Ministry of Finance, Department of Revenue, through the Central Board of Indirect Taxes & Customs, has issued Notification No. 91/2023-Customs (N.T.) on 15th December, 2023. This notification brings crucial amendments to the Customs Act of 1962, specifically focusing on tariff values for various goods.
Detailed Analysis:
The amendments primarily affect three tables outlined in the notification:
Table-1: This table highlights revised tariff values for specific goods. Notable changes include adjustments for Crude Palm Oil, RBD Palm Oil, Crude Palmolein, Crude Soya bean Oil, and Brass Scrap (all grades). These modifications are essential for businesses involved in the import and export of these commodities.
Table-2: The second table provides tariff values for gold and silver in various forms. The amendments cover gold and silver in any form, with specific rates per unit. The details include provisions for gold bars, gold coins, and silver in different forms. Importers and traders in the precious metals industry should take note of these changes.
Table-3: This table outlines tariff values for Areca nuts, with the revised rate set at $8140 per metric ton. Businesses dealing with Areca nuts imports or exports need to be aware of these changes for proper compliance.
The notification specifies that these amendments will come into force starting December 16, 2023. It is crucial for stakeholders to adapt to these changes promptly to ensure seamless operations and adherence to regulatory requirements.
Conclusion: The Ministry of Finance’s recent notification, No. 91/2023-Customs (N.T.), signifies a significant update to the Customs Act. These amendments impact tariff values for various goods, affecting businesses engaged in international trade. Stakeholders must carefully review the revised tables and ensure compliance with the updated rates. The effective date of December 16, 2023, emphasizes the urgency for prompt adaptation to these regulatory changes. Stay informed to navigate the evolving landscape of customs regulations successfully.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 91/2023-Customs (N.T.) | Dated : 15th December, 2023
S.O. 5350(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.0. 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 1000 | Crude Palm Oil | 864 |
| 2 | 15119010 | RBD Palm Oil | 873 |
| 3 | 15119090 | Others-Palm Oil | 869 |
| 4 | 151110 00 | Crude Palmolein | 877 |
| 5 | 1511 9020 | RBD Palmolein | 880 |
| 6 | 1511 90 90 | Others – Palmolein | 879 |
| 7 | 1507 1000 | Crude Soya bean Oil | 1012 |
| 8 | 7404 0022 | 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 | 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 | 776 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. |
776 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 | 8140″ |
2. This notification shall come into force with effect from the 16th day of December, 2023.
[F. No. 467/01/2023-Cus.V]
ANANTH RATHAKRISHNAN, Director (Customs)
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. 89/2023-Customs (N.T.), dated the 30th November, 2023 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 5118(E), dated 30th November, 2023.
