Finance Ministry Revises Customs Tariffs on Gold, Silver, and Crude Oil w.e.f. May 1st [Read Notification]

The Central Board of Indirect Taxes & Customs (CBIC), under the Ministry of Finance, has issued notification no. 33/2025-CUSTOMS (N.T.) dated 15th April, 2024, amending the tariff value of crude palm oil, gold, silver, and areca nuts, effective from May 1st, 2024.

The tariff rates of the oils were reduced compared to previous notification, however, the tariff of gold and silver is increasing.

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In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely:-

TABLE 1

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	1511 10 00	Crude Palm Oil	1049
	1511 90 10	RBD Palm Oil	1101
	1511 90 90	Others – Palm Oil	1075
	1511 10 00	Crude Palmolein	1109
	1511 90 20	RBD Palmolein	1112
	1511 90 90	Others – Palmolein	1111
	1507 10 00	Crude Soya bean Oil	1103
	7404 00 22	Brass Scrap (all grades)	5394

TABLE 2

Sl.No.	Chapter/ heading/subheading/ tariff item	Description of Goods	Tariff Value (US $Per Metric Tonne)
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	1064 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	1076 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	1076 per kilogram
4		(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.	1064 per 10 grams

TABLE 3

S.No.	Chapter/ heading/ subheading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
	080280	Areca nuts	6970”(no change)

To Read the full text of the Notification CLICK HERE

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