CBIC Notifies Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold, and Silver [Read Notification]

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.

Last year, there have been some amendments in respect of the fixation of tariff value of edible oils, brass scrap, areca nut, gold, and silver as the CBIC is satisfied by the fact that it is necessary to do so, have made certain amendments.

As per the notification, the gold coins having gold content, not below 99.5 percent, and gold findings, other than imports of such goods through the post, courier, or baggage. For the purposes of this entry, 'gold findings' means a small component such as a hook, clasp, clamp, pin, catch, and screw back used to hold the whole or a part of a piece of jewelry in place.

This notification shall come into force with effect from the 01st day of November 2022.

To Read the full text of the Notification CLICK HERE

Support our journalism by subscribing to TaxscanPremium. Follow us on Telegram for quick updates.