Ministry of Finance, Government of India, has issued Notification 53/2023 to update the tariff values of various commodities such as edible oils, brass scrap, areca nut, gold, and silver. These amendments aim to regulate customs duties and ensure fair trade practices.
Analysis: The updated tables provide detailed information on the revised tariff values of different goods. Table 1 includes values for edible oils, such as crude palm oil and palmolein, along with crude soya bean oil and brass scrap. Table 2 specifies the values for gold and silver in various forms, considering the benefits mentioned in specific notifications. Table 3 focuses on the tariff value of areca nuts. These revised values play a crucial role in determining the customs duties applicable to imports and exports of these commodities.
Conclusion: Notification 53/2023 by the Ministry of Finance brings significant updates to the tariff values of edible oils, brass scrap, areca nut, gold, and silver. Businesses and individuals involved in international trade must be aware of these changes to ensure compliance with customs regulations. Stay informed about the revised tariff values, effective from July 15, 2023, to facilitate smooth and transparent trade operations.
Government of India
Ministry of Finance
Department of Revenue
Central Board of Indirect Taxes and Customs
New Delhi
Notification No. 53/2023- Customs (N.T.) Dated: 14th July, 2023
S.O. 3148(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 | 902 |
| 2 | 1511 90 10 | RBD Palm Oil | 914 |
| 3 | 1511 90 90 | Others – Palm Oil | 908 |
| 4 | 1511 10 00 | Crude Palmolein | 918 |
| 5 | 1511 90 20 | RBD Palmolein | 921 |
| 6 | 1511 90 90 | Others – Palmolein | 920 |
| 7 | 1507 10 00 | Crude Soya bean Oil | 1008 |
| 8 | 7404 00 22 | Brass Scrap (all grades) | 4761 |
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 | 630 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 | 792 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. |
792 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. |
630 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 | 10379 (i.e., no change)” |
2. This notification shall come into force with effect from the 15th day of July, 2023.
[F. No. 467/01/2023-Cus.V]
(Harish Kumar)
Under Secretary to the 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. 47/2023-Customs (N.T.), dated the 30th June, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 2833(E), dated 30th June, 2023.
