Date: 2015-09-30Category: Extra OrdinaryState: Union GovernmentCountry: India
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 Excise and Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Govt., of India
Executive Summary:
This notification issued by the Central Board of Excise and Customs amends Notification No. 36/2001-Customs N.T., dated August 3, 2001, by substituting existing tables with revised tariff values for various goods. The notification is effective from September 30, 2015. It specifies tariff values in US dollars for items including palm oil, palmolein, soyabean oil, brass scrap, poppy seeds, gold, silver and areca nuts.
Key Points / Main Content:
Revised Tariff Values:
* Table 1 substitutes tariff values per metric ton for:
* Crude Palm Oil: $531
* RBD Palm Oil: $573
* Other Palm Oil: $552
* Crude Palmolein: $586
* RBD Palmolein: $589
* Other Palmolein: $588
* Crude Soyabean Oil: $684
* Brass Scrap (all grades): $3095
* Poppy Seeds: $2464
* Table 2 substitutes tariff values for:
* Gold (in any form, benefiting from Notification No. 12/2012-Customs entries 321 & 323): $368 per 10 grams
* Silver (in any form, benefiting from Notification No. 12/2012-Customs entries 322 & 324): $474 per kilogram
* Table 3 substitutes tariff values per metric ton for:
* Areca nuts: $2452
Impact Analysis:
Importers/Exporters:
* Impact: Changes in tariff values will directly affect the cost of importing and exporting goods listed in the tables, potentially impacting profitability and trade volumes.
* Action Required: Review and adjust pricing and costing models to reflect the new tariff values. Ensure compliance with the updated customs regulations.
Customs Brokers/Agents:
* Impact: Need to be aware of the revised tariff values to accurately calculate duties and taxes for import/export declarations.
* Action Required: Update systems and processes to incorporate the new tariff values. Inform clients about the changes and their implications.
Customs Officials:
* Impact: Responsible for enforcing the updated tariff values and ensuring correct duty assessment.
* Action Required: Implement the new tariff values in customs assessment procedures. Provide guidance to importers/exporters and customs brokers as needed.
Key Entities Referenced
Central Board of Excise and Customs: A government agency responsible for the administration of excise and customs duties in India.
Customs Act, 1962: An act of the Parliament of India to consolidate and amend the law relating to customs.
Ministry of Finance, Department of Revenue: The department within the Ministry of Finance responsible for revenue collection and tax administration in India.
Notification No. 36/2001-Customs N.T.: A notification issued by the Department of Revenue, Ministry of Finance, related to customs duties, dated 3rd August 2001.
Notification No. 12/2012-Customs: A notification related to customs duties, with specific serial numbers 321, 323, 322 and 324.
Notification No. 92/2015-Customs N.T.: A notification issued by the Department of Revenue, Ministry of Finance, related to customs duties, dated 15th September 2015.
New Delhi: The capital of India, where the notification was issued.
Kshitendra Verma: Under Secretary in the Government of India, Ministry of Finance, Department of Revenue.