Executive Summary:
This notification from the Ministry of Finance, Department of Revenue, amends notification No. 36/2001-Customs N.T., dated August 3, 2001, regarding tariff values. It introduces revised tariff values for various goods, including palm oil, palmolein, soya bean oil, brass scrap, poppy seeds, gold, silver and areca nuts. The notification is effective as of March 15, 2018.
Key Points / Main Content:
Revised Tariff Values:
* Table 1 provides revised tariff values (US$ per metric tonne) for:
* Crude Palm Oil: 689
* RBD Palm Oil: 701
* Others Palm Oil: 695
* Crude Palmolein: 706
* RBD Palmolein: 709
* Others Palmolein: 708
* Crude Soya bean Oil: 815
* Brass Scrap (all grades): 3787
* Poppy seeds: 2485
* Table 2 provides revised tariff values for:
* Gold (benefit of entries 356 & 358 of Notification 50/2017-Customs availed): 426 per 10 grams
* Silver (benefit of entries 357 & 359 of Notification 50/2017-Customs availed): 535 per kilogram
* Table 3 provides revised tariff values for:
* Areca nuts: 3948 US$ per Metric Tonne
Impact Analysis:
Importers/Exporters:
* Impact: Revised tariff values will affect the cost of importing and exporting goods listed in Tables 1, 2, and 3.
* Action Required: Importers/exporters need to factor in the new tariff values when calculating duties and pricing their goods.
Customs Officials:
* Impact: Customs officials must use the revised tariff values for assessment and collection of customs duties.
* Action Required: Implement the new tariff values as specified in the notification for all relevant transactions.
Key Entities Referenced
Customs Act, 1962: A legal act providing the framework for customs regulations in India, referenced as the basis for the notification's authority.
Central Board of Excise and Customs: The governing body responsible for excise and customs duties in India, which issued the notification.
New Delhi: The city in India where the notification was issued.
Ministry of Finance, Department of Revenue: The government ministry and department under which the Central Board of Excise and Customs operates.
Notification No. 362001Customs N.T.: A previous notification being amended by the current notification, originally dated August 3, 2001.
Gazette of India: The official government publication in which the notification is published.
Dr. SREEPARVATHY S.L.: The Under Secretary who signed the notification.
Notification No. 502017Customs: Customs Notification No. 502017, dated 30.06.2017 related to Gold and Silver
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 15th March, 2018
No. 20/2018-CUSTOMS (N.T.)
S.O. 1144(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 Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby
makes the following amendment 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
Tariff value
Chapter/ heading/ sub-
Sl. No. Description of goods (US $Per Metric
heading/tariff item
Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 689
2 1511 90 10 RBD Palm Oil 701
3 1511 90 90 Others – Palm Oil 695
4 1511 10 00 Crude Palmolein 706
5 1511 90 20 RBD Palmolein 709
6 1511 90 90 Others – Palmolein 708
7 1507 10 00 Crude Soya bean Oil 815
8 7404 00 22 Brass Scrap (all grades) 3787
9 1207 91 00 Poppy seeds 2485
TABLE-2
Sl. Chapter/ heading/ sub- Description of goods Tariff value
No. heading/tariff item (US $)
(1) (2) (3) (4)
1 Gold, in any form, in respect of which the benefit of
entries at serial number 356 and 358 of the
71 or 98 426 per 10 grams
Notification No. 50/2017-Customs dated 30.06.2017
is availed
2 Silver, in any form, in respect of which the benefit of
entries at serial number 357 and 359 of the
71 or 98 535 per kilogram
Notification No. 50/2017-Customs dated 30.06.2017
is availed4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
TABLE-3
Sl. Chapter/heading/sub- Description of goods Tariff value
No. heading/tariff item (US $ Per Metric Tonne)
(1) (2) (3) (4)
1 080280 Areca nuts 3948”
[F. No. 467/01/2018 -Cus-V]
Dr. SREEPARVATHY S.L., 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. 17/2018-Customs (N.T.), dated the 28th February,
2018, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number
S. O. 868(E), dated 28th February, 2018.
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.