Introduction: The Government of India, under the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, has issued Notification No. 71/2023-Custom (N.T.) dated September 29, 2023. This notification brings significant changes to the tariff values of various commodities. In this article, we will delve into the details of these changes and their implications.
Detailed Analysis:
1. Tariff Values for Edible Oils:
- Crude Palm Oil: The new tariff value is set at $864 per Metric Tonne.
- RBD Palm Oil: The revised tariff value is $876 per Metric Tonne.
- Others – Palm Oil: Tariff value stands at $870 per Metric Tonne.
- Crude Palmolein: The updated tariff value is $889 per Metric Tonne.
- RBD Palmolein: The new tariff value is $892 per Metric Tonne.
- Others – Palmolein: Tariff value is $891 per Metric Tonne.
- Crude Soya bean Oil: Tariff value is $1011 per Metric Tonne.
2. Tariff Value for Brass Scrap: All grades of Brass Scrap will have a tariff value of $4776.
3. Tariff Values for Gold and Silver:
- Gold: If availing benefits as per Notification No. 50/2017-Customs, the tariff value is $603 per 10 grams.
- Silver: For silver in any form, the tariff value is $737 per kilogram. This includes forms other than medallions, silver coins with silver content not below 99.9%, and semi-manufactured forms of silver.
4. Tariff Values for Gold Bars and Gold Findings:
- Gold bars (other than tola bars) with manufacturer’s or refiner’s engraved serial number and weight expressed in metric units: $603 per 10 grams.
- Gold coins with gold content not below 99.5% and gold findings (excluding imports through post, courier, or baggage): $603 per 10 grams.
5. Tariff Value for Areca Nuts: Areca nuts will maintain their existing tariff value of $7765 per Metric Tonne.
Conclusion: The recent notification from the Government of India regarding the fixation of tariff values for various commodities is crucial for businesses and traders dealing with these products. It is essential to stay updated with these changes to comply with customs regulations effectively. These revisions will be effective from September 30, 2023. Traders and businesses must adjust their pricing and compliance strategies accordingly to navigate the customs landscape seamlessly.
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Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
New Delhi
Notification No. 71/2023-Custom (N.T.) | Dated: 29th September, 2023
S.O. 4256(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 | 864 |
| 2 | 1511 90 10 | RBD Palm Oil | 876 |
| 3 | 1511 90 90 | Others – Palm Oil | 870 |
| 4 | 1511 10 00 | Crude Palmolein | 889 |
| 5 | 1511 90 20 | RBD Palmolein | 892 |
| 6 | 1511 90 90 | Others – Palmolein | 891 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1011 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4776 |
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 | 603 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 | 737 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. |
737 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. |
603 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 | 7765 (i.e., no change)” |
2. This notification shall come into force with effect from the 30th day of September, 2023.
[F. No. 467/01/2023-Cus.V]
(Harish Kumar)
Under Secretary to Govt. of India
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. 67/2023-Customs (N.T.), dated the 15th September, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.4086 (E), dated 15th September, 2023.
