The Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs, New Delhi, has issued Notification No. 28/2024-Customs (N.T.) dated April 9, 2024, introducing amendments in the tariff values for various commodities under the Customs Act, 1962.
Overview of Amendments: The amendments primarily affect the tariff values for edible oils, brass scrap, areca nuts, gold, and silver. Let’s delve into the specifics of these changes:
Edible Oils: The tariff values for various types of edible oils remain unchanged. This includes crude palm oil, RBD palm oil, others – palm oil, crude palmolein, RBD palmolein, and others – palmolein.
Brass Scrap: Similarly, the tariff value for brass scrap (all grades) remains the same as before.
Areca Nut: No changes have been made to the tariff value of areca nuts.
Gold: The notification specifies tariff values for gold in various forms. Notably, gold in any form availing benefits under certain notifications is valued at $747 per 10 grams.
Silver: Similarly, silver in any form availing benefits under specific notifications is priced at $900 per kilogram.
Implementation Date: These amendments, as per Notification No. 28/2024-Customs (N.T.), are set to come into force from April 10, 2024.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
New Delhi
Notification No. 28/2024-Customs (N.T.) | Dated: 9th April, 2024
S.O. 1655(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 | 929 (i.e., no change) |
| 2 | 1511 90 10 | RBD Palm Oil | 939 (i.e., no change) |
| 3 | 1511 90 90 | Others – Palm Oil | 934 (i.e., no change) |
| 4 | 1511 10 00 | Crude Palmolein | 944 (i.e., no change) |
| 5 | 1511 90 20 | RBD Palmolein | 947 (i.e., no change) |
| 6 | 1511 90 90 | Others – Palmolein | 946 (i.e., no change) |
| 7 | 1507 10 00 | Crude Soya bean Oil | 938 (i.e., no change) |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 5033(i.e., no change) |
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 | 747 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 | 900 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. |
900 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. |
747 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 | 6259 (i.e., no change)” |
2. This notification shall come into force with effect from the 10th day of April, 2024.
[F. No. 467/01/2024-Cus.V]
MEGHA BANSAL, 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. 25/2024-Customs (N.T.), dated the 28th March, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1583 (E), dated 28th March, 2024.
