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Core Purpose

Notification No. 85/2024-Customs (N.T.) issued by the Central Board of Indirect Taxes and Customs under Section 14(2) of the Customs Act, 1962, substituting the tariff values (Tables 1, 2 and 3) for specified imported goods including edible oils, brass scrap, gold, silver, and areca nuts, effective 14th December 2024.

Detailed Summary

The Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, issued Notification No. 85/2024-Customs (N.T.) (S.O. 5399(E)) dated 13th December 2024, signed by Megha Bansal, Under Secretary, under sub-section (2) of Section 14 of the Customs Act, 1962 (52 of 1962), amending the principal notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E)), as last amended by Notification No. 84/2024-Customs (N.T.) dated 29th November 2024 (S.O. 5167(E)), by substituting Tables 1, 2 and 3 with revised tariff values, namely: Table 1 sets tariff values in US$ per metric tonne for Crude Palm Oil (1158), RBD Palm Oil (1171), Others-Palm Oil (1165), Crude Palmolein (1174), RBD Palmolein (1177), Others-Palmolein (1176), Crude Soya Bean Oil (1125), and Brass Scrap all grades (5343); Table 2 sets tariff values for Gold (864 per 10 grams) and Silver, including medallions and silver coins with silver content not below 99.9% (1036 per kilogram), referencing Notification No. 50/2017-Customs dated 30th June 2017; Table 3 sets a tariff value of US$6448 per metric tonne for Areca nuts under tariff item 080280; the notification comes into force with effect from 14th December 2024.

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-13122024-259401 EXTRAORDINARY PART II-Section 3-Sub-section (ii) PUBLISHED BY AUTHORITY No. 4999] | NEW DELHI, FRIDAY, DECEMBER 13, 2024/AGRAHAYANA 22, 1946 (1) 4 | THE GAZETTE OF INDIA : EXTRAORDINARY | [PART II-SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 13th December, 2024 No. 85/2024-CUSTOMS (N.Τ.) S.O. 5399(E). In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:- In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: - "TABLE-1 Sl. No. | Chapter/heading/ sub- | Description of goods | Tariff value | heading/tariff item | | (US $Per Metric Tonne) (1) | (2) | (3) | (4) 1 | 1511 10 00 | Crude Palm Oil | 1158 2 | 1511 90 10 | RBD Palm Oil | 1171 3 | 1511 90 90 | Others - Palm Oil | 1165 4 | 1511 10 00 | Crude Palmolein | 1174 5 | 1511 90 20 | RBD Palmolein | 1177 6 | 1511 90 90 | Others - Palmolein | 1176 7 | 1507 10 00 | Crude Soya bean Oil | 1125 8 | 7404 00 22 | Brass Scrap (all grades) | 5343 TABLE-2 Sl. No. | Chapter/heading/ sub- | Description of goods | Tariff value | heading/tariff item | | (US $) (1) | (2) | (3) | (4) 1. | 71 or 98 | Gold, in any form, in respect of which the benefit of | 864 per 10 grams | | entries at serial number 356 of the Notification No. | | | 50/2017-Customs dated 30.06.2017 is availed | 2. | 71 or 98 | Silver, in any form, in respect of which the benefit of | 1036 per kilogram | | entries at serial number 357 of the Notification No. | | | 50/2017-Customs dated 30.06.2017 is availed | | | (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; | 3. | 71 | (ii) Medallions and silver coins having silver | 1036 per kilogram | | | 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. | 4. | 71 | (i) Gold bars, other than tola bars, bearing | 864 per 10 grams | | | 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. | [PART II- Section 3(ii)] | 5 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. TABLE-3 Sl. No. | Chapter/heading/ sub- | Description of goods | Tariff value | heading/tariff item | | (US $ Per Metric Ton) (1) | (2) | (3) | (4) 1 | 080280 | Areca nuts | 6448" 2. This notification shall come into force with effect from the 14th day of December, 2024. [F. No. 467/01/2024-Cus.V] MEGHA BANSAL, Under Secy. Note: - The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was last amended vide Notification No. 84/2024-Customs (N.T.), dated the 29th November 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 5167 €, dated 29th November 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR Digitally signed by SARVESH KUMAR SRIVASTAVA Date: 2024.12.13 22:43:33

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