Introduction: The Ministry of Finance, under the Department of Revenue, has issued Notification No. 82/2023-Customs (N.T.) dated 15th November 2023, exercising powers conferred by the Customs Act, 1962. The notification brings crucial amendments to the existing customs tariff, affecting various goods.
Detailed Analysis:
Amendments to TABLE-1: The notification substitutes TABLE-1 of the previous notification, adjusting tariff values for specific goods. Noteworthy changes include adjustments for Crude Palm Oil, RBD Palm Oil, Crude Palmolein, RBD Palmolein, Crude Soya bean Oil, and Brass Scrap.
Amendments to TABLE-2: Significant revisions are introduced in TABLE-2, impacting the tariff values of Gold and Silver in various forms. The amendments cover gold bars, gold coins, and silver in different forms, ensuring compliance with the entries of Notification No. 50/2017-Customs dated 30.06.2017.
Amendments to TABLE-3: The third table remains unchanged, maintaining the tariff values for Areca nuts.
Conclusion: Effective from the 16th day of November 2023, Notification No. 82/2023-Customs (N.T.) introduces vital amendments to the customs tariff, reflecting the government’s commitment to ensuring fair trade practices. Businesses and stakeholders in the import/export industry should carefully review the revised tariff values to stay compliant with the latest regulatory changes. This move by the Ministry of Finance underlines the dynamic nature of customs regulations, emphasizing the need for businesses to stay informed and adapt to evolving trade policies.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
Notification No. 82/2023-customs (N.T.) | Dated: 15th November, 2023
S.O. 4938(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 | 849 |
| 2 | 1511 90 10 | RBD Palm Oil | 861 |
| 3 | 1511 90 90 | Others – Palm Oil | 855 |
| 4 | 1511 10 00 | Crude Palmolein | 865 |
| 5 | 1511 90 20 | RBD Palmolein | 868 |
| 6 | 1511 90 90 | Others – Palmolein | 867 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1001 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4633 |
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 | 634 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 | 723 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. |
723 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. |
634 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 16th day of November, 2023.
[F. No. 467/01/2023-Cus.V]
KOMILA PUNIA, Dy. 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. 79/2023-Customs (N.T.), dated the 31st October, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4752 (E), dated 31st October, 2023.
