CBIC issued Notification No. 56/2023-Customs (N.T.) on 31st July 2023, announcing amendments to the Customs Act of 1962. This notification specifies revised tariff values for various commodities, including edible oils, brass scrap, areca nut, gold, and silver, effective from 1st August 2023. Notably, the rates for un-fried or un-cooked snack pellets, fish soluble paste, desiccated coconut, biomass briquettes, imitation zari thread, raw cotton, plates, cups made from areca leaves, gold, and silver have been updated. These changes are expected to impact importers and businesses dealing with these commodities.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
New Delhi
Notification No. 56/2023-Customs (N.T.) | Dated: 31st July, 2023
S.O. 3419(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 | 896 |
| 2 | 1511 90 10 | RBD Palm Oil | 925 |
| 3 | 1511 90 90 | Others – Palm Oil | 911 |
| 4 | 1511 10 00 | Crude Palmolein | 936 |
| 5 | 1511 90 20 | RBD Palmolein | 939 |
| 6 | 1511 90 90 | Others – Palmolein | 938 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1014 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4886 |
TABLE-2
|
Sl. No. |
Chapter/ heading/sub-heading/tariff item | Description of goods |
Tariff value |
|
(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 30.06.20 17 is availed | 629 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 | 791 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. |
791 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. |
629 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 | 10379 (i.e., no change)” |
2. This notification shall come into force with effect from the 01st day of August, 2023.
[F. No. 467/01/2023-Cus.V]
(Komila Punia) Deputy Secretary
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. 53/2023-Customs (N.T.), dated the 14th July, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.3 148 (E), dated 14th July, 2023.
