Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 79/2024-Customs (N.T.) on November 13, 2024, amending certain tariff values under the Customs Act, 1962, effective from November 14, 2024. This notification revises tables listing the customs tariff values for goods, replacing previous tables from Notification No. 36/2001-Customs (N.T.) dated August 3, 2001. However, no changes were made to the actual tariff values for the listed items. Key tariff values include $1,046 per metric tonne for crude palm oil, $5,463 per metric tonne for brass scrap, $845 per 10 grams for gold, and $989 per kilogram for silver. These values apply to specific import categories, including various forms of palm oil, crude soyabean oil, brass scrap, gold, silver, and areca nuts. All manually adjusted values and item descriptions are now updated in Tables 1, 2, and 3 to ensure consistency and clarity in customs processing. CBIC has directed that these tariff rates be used from November 14, 2024, without exceptions. This update aligns tariff values to maintain standard reference prices across relevant commodities and streamline customs valuations.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 79/2024-Customs (N.T.) | Dated: 13th November, 2024
S.O. 4919(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 | 1046 (i.e., no change) |
| 2 | 1511 90 10 | RBD Palm Oil | 1058 (i.e., no change) |
| 3 | 1511 90 90 | Others – Palm Oil | 1052 (i.e., no change) |
| 4 | 1511 10 00 | Crude Palmolein | 1063 (i.e., no change) |
| 5 | 1511 90 20 | RBD Palmolein | 1066 (i.e., no change) |
| 6 | 1511 90 90 | Others – Palmolein | 1065 (i.e., no change) |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1057 (i.e., no change) |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5463 (i.e., no change) |
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 | 845 per 10 grams (i.e., no change) |
| 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 | 989 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. |
989 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;(iii) 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. |
845 per 10 grams (i.e., no change) |
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 | 6552 (i.e., no change)” |
2. This notification shall come into force with effect from the 14th day of November, 2024.
[F. No. 467/01/2024-Cus.V]
MEGHA BANSAL, Under Secy.
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. 77/2024-Customs (N.T.), dated the 12th November 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4906 (E), dated 12th November 2024.
