Introduction: The Ministry of Finance, Department of Revenue, through the Central Board of Indirect Taxes and Customs, has issued a significant notification – Notification No. 79/2023-Customs (N.T.), dated 31st October, 2023. This notification introduces amendments to the Customs Act, 1962, affecting tariff values. The changes will be effective from 1st November, 2023.
Detailed Analysis:
Amendments to TABLE-1: The notification substitutes TABLE-1, providing updated tariff values for specific goods. Notable changes include the tariff value of Crude Palm Oil at $842 per Metric Tonne, RBD Palm Oil at $859, and others at $851. Additionally, Crude Palmolein will be valued at $863, RBD Palmolein at $866, and other Palmolein at $865. The notification also addresses Crude Soya bean Oil at $956 and Brass Scrap (all grades) at $4591 per Metric Tonne.
Amendments to TABLE-2: TABLE-2 reveals changes in tariff values for gold and silver. For instance, gold in any form, benefiting from specific entries, is valued at $643 per 10 grams. Silver in any form under certain conditions is priced at $749 per kilogram. This table also accounts for gold bars, excluding tola bars, with manufacturer’s or refiner’s engraved details, and gold coins with gold content not below 99.5%, both valued at $643 per 10 grams.
Amendments to TABLE-3: TABLE-3 remains unchanged, maintaining the tariff value for Areca nuts at $8068 per Metric Tonne.
Conclusion: The Ministry of Finance’s latest notification, No. 79/2023-Customs (N.T.), introduces essential changes to tariff values for various goods, particularly palm oils, soya bean oil, and precious metals. These amendments, effective from 1st November, 2023, play a pivotal role in trade and customs regulations. Stay updated with these changes to ensure compliance with the Customs Act, 1962. For further details, refer to the official notification published by the Ministry of Finance.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 79/2023-Customs (N.T.) | Dated: 31st October, 2023
S.O. 4752(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 | 842 |
| 2 | 1511 90 10 | RBD Palm Oil | 859 |
| 3 | 1511 90 90 | Others – Palm Oil | 851 |
| 4 | 1511 10 00 | Crude Palmolein | 863 |
| 5 | 1511 90 20 | RBD Palmolein | 866 |
| 6 | 1511 90 90 | Others – Palmolein | 865 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 956 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4591 |
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 | 643 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 | 749 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. | 749 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. | 643 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 | 8068(i.e., no change)” |
2. This notification shall come into force with effect from the 01st day of November, 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. 78/2023-Customs (N.T.), dated the 23rd October, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.4631 (E), dated 23rd October, 2023.
