Ministry of Finance updates Customs Tariff Value of Goods like Gold, Silver, Oil and Areca nuts w.e.f. 15th August 2023 [Read Notification]
Ministry of Finance updates Customs Tariff Value – Gold – Customs Tariff Value – Silver – Oil – Ministry of Finance – Areca nuts – taxscan
Ministry of Finance updates Customs Tariff Value – Gold – Customs Tariff Value – Silver – Oil – Ministry of Finance – Areca nuts – taxscan
The Central Government has amended the Customs Tariff Value of certain goods including Palm oil, gold, silver, areca nuts ..etc vide notification no. 60/2023 published on 14th August 2023. The new tariff rates shall come into force on 15th August 2023.
As per the notification, the Central Government within its jurisdiction and powers conferred by the Section 14(2) Customs Act, 1962 amended the Principal Notification No. 36/2001-Customs, dated the 3rd August 2001 in the public interest. As compared to the previous tariff values, the current values are decreased.
TABLE 1
| Sl No. | Chapter/ heading/subheading/ tariff item | Description of Goods | Tariff Value (US $Per Metric Tonne) (as per Notfi. No. 60/2023 of 14th August 2023) | Tariff Value (US $Per Metric Tonne) (as per Notfi. No. 56/2023 of 31st July 2023) |
| 1. | 1511 10 00 | Crude Palm Oil | 892 | 896 |
| 2. | 1511 90 10 | RBD Palm Oil | 910 | 925 |
| 3. | 1511 90 90 | Others – Palm Oil | 901 | 911 |
| 4 | 1511 10 00 | Crude Palmolein | 921 | 936 |
| 5. | 1511 90 20 | RBD Palmolein | 924 | 939 |
| 6. | 1511 90 90 | Others – Palmolein | 923 | 938 |
| 7. | 1507 10 00 | Crude Soya bean Oil | 1031 | 1014 |
| 8. | 7404 00 22 | Brass Scrap (all grades) | 4874 | 4886 |
TABLE 2
| Sl.No. | Chapter/ heading/Subheading/ tariff item | Description of Goods | Tariff Value (US $Per Metric Tonne) (as per Notfi. No. 60/2023 of 14th August 2023) | Tariff Value (US $Per Metric Tonne) (as per Notfi. No. 56/2023 of 31st July 2023) |
| 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 | 617 per 10 grams | 629 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 | 742 per kilogram | 791 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 | 742 per kilogram | 791 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 a hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place. | 617 per 10 grams | 629 per 10 grams |
TABLE 3
| Sl.No. | Chapter/ heading/ subheading/tariff item | Description of Goods | Tariff Value (US $Per Metric Tonne) (as per Notfi. No. 56/2023 of 31st July 2023) | Tariff Value (US $Per Metric Tonne) (as per Notifi. No. 53/2023 of 14th July 2023) |
| 1 | 080280 | Areca nuts | 10379 (i.e., no change)” | 10379 (i.e., no change)” |
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