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Finance InFocus

CBIC Amends Customs Act to Modify Govt Notification

Tariff Notification No. 60/2023-Customs (N.T.) in respect of Fixation of Tariff Value for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

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SMEStreet Edit Desk
15 Aug 2023 00:00 IST
Updated On 15 Aug 2023 05:59 IST

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CBIC

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-heading/tariff itemDescription of goodsTariff value

(US $Per Metric Tonne)

(1)(2)(3)(4)
11511 10 00Crude Palm Oil892
21511 90 10RBD Palm Oil910
31511 90 90Others – Palm Oil901
41511 10 00Crude Palmolein921
51511 90 20RBD Palmolein924
61511 90 90Others – Palmolein923
71507 10 00Crude Soya bean Oil1031
87404 00 22Brass Scrap (all grades)4874

TABLE-2

Sl. No.Chapter/ heading/ sub-heading/tariff itemDescription of goodsTariff value

(US $)

(1)(2)(3)(4)

1.

71 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 availed617 per 10 grams

2.

71 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 availed

742 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

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.

617 per 10 grams

TABLE-3

Sl. No.Chapter/ heading/ sub-heading/tariff itemDescription of goodsTariff value

(US $ Per Metric Ton)

(1)(2)(3)(4)
1080280Areca nuts10379 (i.e., no change)”

This notification shall come into force with effect from the 15th day of August, 2023.

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. 56/2023-Customs (N.T.), dated the 31st July, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.3419 (E), dated 31st July, 2023.

Silver Edible Oils cbic Gold Customs Act Brass Scrap Areca Nut
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