FinMin Reduces Customs Tariff Value for Silver Imports [Read Notification]

The Ministry of Finance issued a notification reducing the customs tariff value for silver imports to USD 2455 per kilogram from USD 2810 per kilogram earlier. The revised rate was notified by the Central Board of Indirect Taxes and Customs (CBIC) through Notification No. 47/2026-Customs (N.T.) dated May 19, 2026. The new tariff value will come into effect from May 20.

Tariff values are benchmark import prices fixed by the government for calculating customs duty on select imported goods. Any reduction in tariff value lowers the assessable value for customs duty calculation and may provide some relief to importers and bullion traders.

According to the notification, the tariff value for silver in any form has been fixed at USD 2455 per kilogram. The move comes amid fluctuations in global bullion prices and changing trends in international commodity markets.

Comparison of Silver Tariff Values

The Finance Ministry kept tariff values unchanged for several other commodities covered under the notification.

Other Major Tariff Values

The notification was issued under Section 14 of the Customs Act, 1962, which empowers the government to periodically revise tariff values for imported goods in line with global price movements.

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