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Core Purpose

CBIC revises tariff values for crude/refined palm oil, palmolein, soya bean oil, brass scrap, gold, silver, and areca nuts under the Customs Act, 1962.

Detailed Summary

In exercise of powers under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes and Customs (Department of Revenue, Ministry of Finance) issued Notification No. 63/2023-Customs (N.T.), S.O. 3851(E), dated 31st August 2023, amending Tables 1, 2 and 3 of the principal notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E)), as last amended by Notification No. 60/2023-Customs (N.T.) dated 14th August 2023 (S.O. 3640(E)). The revised tariff values (per metric tonne unless stated) are: Crude Palm Oil US$898, RBD Palm Oil US$923, Other Palm Oil US$911, Crude Palmolein US$934, RBD Palmolein US$937, Other Palmolein US$936, Crude Soya Bean Oil US$1034, Brass Scrap (all grades) US$4786, and Areca Nuts US$7765; gold-related items are valued at US$627 per 10 grams and silver-related items at US$804 per kilogram. The notification takes effect from 1st September 2023 and is issued under F. No. 467/01/2023-Cus.V, signed by Harish Kumar, Under Secretary.

Full Text

5587 GI/202 3 (1) रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No . D. L. -33004/99 EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 3690] NEW DELHI, THURSDAY , AUGUST 31, 2023/ BHADRA 9, 1945 CG-DL-E-31082023-248461 (1) (2) (3) (4) (1) (2) (3) (4) (1) (2) (3) (4) 1 080280 सुपारी 7765” MINISTRY OF FINANCE (Department of Revenue ) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 31st August, 2023 No. 63/2023-CUSTOMS (N.T.) S.O. 3 851(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 satisfi ed 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 th e 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: - “TABL E-1 Sl. No. Chapter/ heading/ sub - heading/tariff item Description of goods Tariff value (US $Per Metric Tonne) (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 898 2 1511 90 10 RBD Palm Oil 923 3 1511 90 90 Others – Palm Oil 911 4 1511 10 00 Crude Palmol ein 934 5 1511 90 20 RBD Palmolein 937 6 1511 90 90 Others – Palmolein 936 7 1507 10 00 Crude Soya bean Oil 1034 8 7404 00 22 Brass Scrap (all grades) 4786 TABLE -2 Sl. No. Chapter/ heading/ sub - heading/tariff item Description of goods Tariff value (US $) (1) (2) (3) (4) 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 627 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 804 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. 804 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 hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place. 627 per 10 grams TABLE -3 Sl. No. Chapter/ headin g/ sub - heading/tariff item Description of goods Tariff value (US $ Per Metric Ton) (1) (2) (3) (4) 1 080280 Areca nuts 7765” 2. This notification shall come into force with effect from the 01st day of September, 2023. [F. No. 467/01/2023 -Cus.V] HARISH KUMAR, 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. 60/2023 -Customs (N.T.), dated the 14th August, 2023, e -published in the Gazette of India, Extraordinary, Part -II, Section -3, Sub-section (ii), vide number S.O.3640 (E), dated 14th Augus t, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.

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