Finance Ministry revises Customs Tariff Values for Palm Oil, Soya Bean Oil, Gold and Silver, and Areca Nuts [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) under the Ministry of Finance issued a Notification December 13, 2024, revising the tariff values for imported commodities, including various types of edible oils, brass scrap, gold, silver, and areca nuts. These changes came into effect on December 14, 2024.

The tariff values for Crude Palm Oil, RBD Palm Oil, Other Palm Oils, Crude Palmolein, RBD Palmolein, Other Palmoleins, and Crude Soybean Oil have been increased compared to previous values. The tariff value for Brass Scrap (all grades) has also been increased.

The tariff values for gold and silver have also been increased. The areca nuts tariff value has been decreased.

Table 1 - Revised Tariff Values for Edible Oils and Brass Scrap

Sl. No.	Chapter/Heading/ Sub-heading/Tariff Item	Description of Goods	Tariff Value (US $ Per Metric Tonne)
1	1511 10 00	Crude Palm Oil	1158 (Increased)
2	1511 90 10	RBD Palm Oil	1171 (Increased)
3	1511 90 90	Others – Palm Oil	1165 (Increased)
4	1511 10 00	Crude Palmolein	1174 (Increased)
5	1511 90 20	RBD Palmolein	1177 (Increased)
6	1511 90 90	Others – Palmolein	1176 (Increased)
7	1507 10 00	Crude Soybean Oil	1125 (Increased)
8	7404 00 22	Brass Scrap (all grades)	5343 (Increased)

Table 2 - Tariff Values for Gold and Silver

Sl. No.	Chapter/Heading/ Sub-heading/Tariff Item	Description of Goods	Tariff Value (US $)
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	864 per 10 grams (Increased)
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	1036 per kilogram (Increased)
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.	1036 per kilogram (Increased)
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.	864 per 10 grams (Increased)

Table 3: Tariff Value for Areca Nuts

Sl. No.	Chapter/Heading/ Sub-heading/Tariff Item	Description of Goods	Tariff Value (US $ Per Metric Tonne)
1	080280	Areca Nuts	6448 (Decreased)

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Notification No:85 /2024-CUSTOMS (N.T.) , 13th December, 2024