Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold & Silver wef 16.05.2024

On May 15, 2024, the Ministry of Finance, through the Central Board of Indirect Taxes and Customs (CBIC), issued Notification No. 35/2024-Customs (N.T.) updating the tariff values for various goods including edible oils, brass scrap, areca nuts, gold, and silver. This adjustment, made under the powers conferred by Section 14 of the Customs Act, 1962, will take effect from May 16, 2024. The revised tariff values aim to reflect current market conditions and ensure appropriate duty collections.

Detailed Analysis

Legislative Background

The notification amends the earlier Notification No. 36/2001-Customs (N.T.) issued on August 3, 2001. Section 14 of the Customs Act, 1962 empowers the CBIC to fix tariff values for imported goods. These values serve as a reference for calculating the customs duty payable.

Revised Tariff Values

The updated tariff values are presented in three tables, each detailing specific goods and their new rates:

Table-1: Edible Oils and Brass Scrap

1. Crude Palm Oil: $892 per metric tonne

2. RBD Palm Oil: $907 per metric tonne

3. Other Palm Oils: $900 per metric tonne

4. Crude Palmolein: $919 per metric tonne

5. RBD Palmolein: $922 per metric tonne

6. Other Palmolein: $921 per metric tonne

7. Crude Soybean Oil: $935 per metric tonne

8. Brass Scrap (all grades): $5587 per metric tonne

Table-2: Gold and Silver

1. Gold (benefit under Notification No. 50/2017-Customs): $758 per 10 grams

2. Silver (benefit under Notification No. 50/2017-Customs): $919 per kilogram

3. Silver (excluding medallions, coins): $919 per kilogram

4. Gold bars and coins: $758 per 10 grams

Table-3: Areca Nuts

1. Areca Nuts: $6033 per metric tonne (no change from previous value)

Implementation

The notification will be effective from May 16, 2024, allowing importers and stakeholders to adjust their practices accordingly. Megha Bansal, Under Secretary to the Government of India, signed off on the notification, emphasizing its immediate applicability.

Conclusion

The revised tariff values for edible oils, brass scrap, areca nuts, gold, and silver are part of the CBIC’s regular updates to align with market realities and ensure fair duty assessments. Importers dealing in these commodities must take note of the changes to comply with the new rates effective from May 16, 2024. This adjustment reflects the government’s ongoing efforts to maintain a balanced and responsive customs framework.

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)

Notification No. 35/2024-Customs (N.T.) | Dated : 15th May, 2024

S.O. 1995(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 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd 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	892
2	1511 90 10	RBD Palm Oil	907
3	1511 90 90	Others – Palm Oil	900
4	1511 10 00	Crude Palmolein	919
5	1511 90 20	RBD Palmolein	922
6	1511 90 90	Others – Palmolein	921
7	1507 10 00	Crude Soya bean Oil	935
8	7404 00 22	Brass Scrap (all grades)	5587

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	758 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	919 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.	919 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.	758 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	6033 (i.e., no change)”

2. This notification shall come into force with effect from the 16^th day of May, 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 3^rd August, 2001, vide number S. O. 748 (E), dated the 3^rd August, 2001 and was last amended vide Notification No. 32/2024-Customs (N.T.), dated the 30^th April, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1876 (E), dated 30^th April, 2024.