Introduction: The Ministry of Finance (Department of Revenue) has issued Notification No. 95/2023-Customs (N.T.) on 29th December, 2023. This notification, exercising powers under the Customs Act, 1962, introduces significant amendments to the existing customs tariff. The amendments primarily focus on altering tariff values for specific goods.
Amendments in TABLE-1: The notification substitutes TABLE-1, affecting tariff values for various commodities such as Crude Palm Oil, RBD Palm Oil, Crude Palmolein, and others. The adjustments in tariff values, measured in US dollars per metric tonne, reflect the dynamic nature of international trade.
Amendments in TABLE-2: TABLE-2 witnesses changes related to gold and silver, specifying tariff values for different forms of these precious metals. The adjustments consider various scenarios, including gold bars, gold coins, and silver in different forms.
Amendments in TABLE-3: TABLE-3 introduces alterations in tariff values for Areca nuts. The adjustments aim to align with market dynamics and economic considerations.
Effective Date: The notification specifies that these amendments will be effective from the 30th day of December, 2023. This ensures that stakeholders are informed about the timeline for implementation.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 95/2023- Customs (N.T.) | Dated: 29th December, 2023
S.O. 5492(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 | 864 |
| 2 | 1511 90 10 | RBD Palm Oil | 872 |
| 3 | 1511 90 90 | Others – Palm Oil | 869 |
| 4 | 1511 10 00 | Crude Palmolein | 876 |
| 5 | 1511 90 20 | RBD Palmolein | 879 |
| 6 | 1511 90 90 | Others – Palmolein | 878 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 979 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5022 |
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 | 669 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 |
784 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. |
784 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. |
669 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 | 8140” |
2. This notification shall come into force with effect from the 30th day of December, 2023.
[F. No. 467/01/2023-Cus.V]
ANANTH RATHAKRISHNAN, Director (Customs)
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. 91/2023-Customs (N.T.), dated the 15th December, 2023 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 5350 (E), dated 15th December, 2023.
