Introduction: The Ministry of Finance, India, has issued Notification No. 60/2023-Customs (N.T.) on the 14th of August, 2023, to announce significant amendments to the tariff values of various commodities such as edible oils, brass scrap, areca nut, gold, and silver with effect from the 15th day of August, 2023. The changes are aimed at aligning the tariff values with prevailing global market rates, reflecting the latest trends in international trade.
Analysis: The new tariff values as provided in the notification can impact different stakeholders in different ways:
1. Edible Oils: The values for various types of palm oil and soybean oil are detailed, affecting both local producers and importers.
2. Brass Scrap: The tariff set at 4874 US dollars per metric tonne will influence recycling industries and manufacturing sectors.
3. Gold and Silver: The adjustments in the tariff values for gold and silver in various forms could have a substantial impact on the jewelry and investment markets.
4. Areca Nut: The unchanged tariff value signifies a stable stance towards this particular commodity.
These changes reflect the government’s active engagement in monitoring and managing commodity markets, aligning tariffs with international standards, and supporting domestic industries.
Conclusion: The revised tariff values issued by the Ministry of Finance represent a crucial regulatory measure aimed at maintaining the equilibrium of domestic and international trade. The update in tariff values for commodities like edible oils, brass scrap, areca nut, gold, and silver is in line with the global market trends and underscores the government’s commitment to fostering economic stability and growth. Importers, exporters, and related industries must align their strategies with these changes to navigate the evolving market landscape effectively.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 60/2023-Customs (N.T.) | Dated: 14th August, 2023
S.O. 3640(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 | 892 |
| 2 | 1511 90 10 | RBD Palm Oil | 910 |
| 3 | 1511 90 90 | Others – Palm Oil | 901 |
| 4 | 1511 10 00 | Crude Palmolein | 921 |
| 5 | 1511 90 20 | RBD Palmolein | 924 |
| 6 | 1511 90 90 | Others – Palmolein | 923 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1031 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4874 |
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 | 617 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 | 742 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. |
742 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. |
617 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 15th day of August, 2023.
[F. No. 467/01/2023-Cus.V]
HARISH KUMAR, 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. 56/2023-Customs (N.T.), dated the 31st July, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.3419 (E), dated 31st July, 2023.
