Central Govt notifies amended Tariff Rates of Oil, Palmolein Gold and Silver [Read Notification]

The Central Government has amended the Customs Tariff Value of certain goods including Palm oil, gold, silver, areca nuts ..etc vide notification no. 56/2023 published on 31st July 2023. The ministry already amended the same on 14th July 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. The notification shall come into force on 1st August 2023. TABLE 1 Sl No.Chapter/ heading/subheading/ tariff itemDescription 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 Notfi. No. 53/2023 of 14th July 2023) 1.1511 10 00Crude Palm Oil8969022.1511 90 10RBD Palm Oil9259143.1511 90 90Others – Palm Oil91190841511 10 00Crude Palmolein9369185.1511 90 20RBD Palmolein9399216.1511 90 90Others – Palmolein9389207.1507 10 00Crude Soya bean Oil101410088.7404 00 22Brass Scrap (all grades)48864761 TABLE 2 Sl.No.Chapter/ heading/subheading/ tariff itemDescription 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) 171 or 98Gold, 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 availed629 per 10 grams630 per 10 grams271 or 98Silver, 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 availed791 per kilogram792 per kilogram371(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 silver791 per kilogram792 per kilogram471(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.629 per 10 grams630 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) 1080280Areca nuts10379 (i.e., no change)”10379 (i.e., no change)” Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates

Central Govt notifies amended Tariff Rates of Oil, Palmolein Gold and Silver [Read Notification]

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