The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver.
The CBIC, Department of Revenue, and Ministry of Finance are responsible for the formulation of policy relating to the levy and collection of Indirect taxes namely, Customs duty, Central Excise duty Central Goods, and Service tax.
The amendments in respect of the fixation of tariff value of edible oils, brass scrap, areca nut, gold, and silver is done as the CBIC is satisfied by the fact that it is necessary to do so.
Notably, the Description – Tariff Value in USD per Metric Tonne – HSN Code of various oils and Brass Scrap is as given below:
Crude Palm Oil – 987 – 1511 90 10
RBD Palm Oil – 1005 – 1511 90 90
Others – Palm Oil – 996 – 1511 10 00
Crude Palmolein – 1011 – 1511 90 20
RBD Palmolein – 1014 – 1511 90 90
Others – Palmolein 1013 – 1507 10 00
Crude Soya bean Oil 1234 – 7404 00 22
Brass Scrap (all grades) – 5181 – All Grades
Further, the Tariff Value of 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 availed is set to 586 US Dollars per 10 grams.
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 is set as 674 USD per kilogram.
The Tariff Value of 674 USD per kilogram is also applicable to –
(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. Subject to the Explanation that, silver in any form shall not include foreign currency coins, jewelry made of silver or articles made of silver.
Further, (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 — are to have a Tariff Value of 586 USD per 10 grams.
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.
The Tariff Value of Areca nuts is 14026 US Dollars, no change has been made to the same.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
