Home› India› Ministry of Finance› In exercise of the powers conferred by sub section (2) of se...
Date: 29-Nov-2024 Category: Extra Ordinary State: Union Government Country: 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 Indirect Taxes and Customs

Issued by Ministry of Finance · Department of Revenue

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • This gazette notification No. 84/2024-Customs (N.T.) issued by the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, revises the tariff values for certain imported goods. It replaces the existing Tables 1, 2, and 3 of the previous notification No. 36/2001-Customs (N.T.) dated August 3, 2001, with new tables specifying revised tariff values for items like palm oil, palmolein, soybean oil, brass scrap, gold, silver, and areca nuts.
  • The notification is issued under the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962.

Key Changes

  • Table 1: Tariff values for various types of palm oil and palmolein have been updated. Crude palm oil is now valued at $1119 per metric ton, RBD palm oil at $1127, other palm oil at $1123, crude palmolein at $1129, RBD palmolein at $1132 and other palmolein at $1131. Crude soybean oil is valued at $1117 per metric ton. Brass scrap (all grades) is valued at $5220 per metric ton.
  • Table 2: Tariff values for gold and silver are specified. Gold, in any form, where benefit of notification 50/2017 is availed is valued at $850 per 10 grams. Silver, in any form, where benefit of notification 50/2017 is availed is valued at $978 per kilogram. Silver in other forms and silver medallions/coins are also valued at $978 per kilogram. Gold bars and gold coins are also valued at $850 per 10 grams.
  • Table 3: The tariff value for areca nuts remains unchanged at $6552 per metric ton.
  • The notification comes into effect from November 30, 2024.

Impact Analysis

Importers of Edible Oils

  • Action Item: Importers need to assess the impact of these revised tariff values on their cost structures and pricing strategies. They may need to renegotiate contracts or adjust their pricing to reflect the new import costs.

Importers of Metals

  • Action Item: Importers of brass scrap need to evaluate the increase in cost and adjust their operations accordingly. They may need to explore alternative sourcing options or pass on the increased cost to consumers.

Importers of Gold and Silver

  • Action Item: Importers of gold and silver need to carefully review the specific conditions and rates applicable to their imports. They should ensure they are availing the correct benefits and complying with the regulations.

Consumers

  • Action Item: Consumers should be prepared for potential price increases in the market. They may need to adjust their consumption patterns or explore alternative products.

Government Revenue

  • Action Item: The government should monitor the impact of these changes on trade and revenue collections.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The government body responsible for issuing the notification and overseeing revenue matters. Central Board of Indirect Taxes and Customs (CBIC): The authority that has issued the notification and is responsible for the administration of customs duties. Customs Act, 1962: The primary legislation under which the notification is issued, specifically section 14(2) which provides the power to determine tariff values. Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001: The original notification that is being amended by this new notification. Notification No. 50/2017-Customs dated 30.06.2017: The notification which provides benefit for gold and silver imports. Notification No. 80/2024-Customs (N.T.), dated the 14th November 2024: The last notification that amended the original notification before this one.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-29112024-259041 CG-DxLx-xEG-I2D9H1x1x2x0 24-259041 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 4775] नई दिल्ली, िुक्रिार, निम्ब र 29, 2024/अग्रहायण 8, 1946 No. 4775] NEW DELHI, FRIDAY, NOVEMBER 29, 2024/AGRAHAYANA 8, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय अप्रत्यक्ष कर एि ं सीमा िल्ु क बोडड) अधिसचू ना नई दिल् ली, 29 निम् बर, 2024 स.ं 84/2024-सीमा िल्ु क (ग.ैटै.) का.आ. 5167(अ).—सीमा िल्ु क अजधजनयम, 1962 (1962 का 52) की धारा 14 की उपधारा (2) द्वारा प्रित् त िजियों का प्रयोग करते हुए, केंद्रीय अप्रत्यक्ष कर एि ं सीमा िुल्क बोडड, इस बात स े संतुष्ट होन ेपर दक ऐसा करना आिश्यक एि ं समीचीन ह,ै एतद्द्वारा, भारत सरकार, जित्त मंत्रालय (रािस्ट्ि जिभाग) की अजधसूचना स.ं 36/2001-सीमा िल्ु क (ग.ै ट.ै ), दिनांक 3 अगस्ट्त, 2001, जिसे का.आ. 748 (अ), दिनांक 3 अगस्ट्त, 2001 के तहत भारत के रािपत्र, असाधारण के भाग-II, खडं -3, उपखडं (ii) म ें प्रकाजित दकया गया था, म ेंजनम्नजलजखत संिोधन करता ह,ै अथाडत:् - उि अजधसूचना म,ें सारणी-1, सारणी-2 और सारणी-3 के स्ट्थान पर जनम्नजलजखत सारजणया ाँ प्रजतस्ट्थाजपत की िाएाँगी, अथाडत:् - 7758 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] "सारणी-1 क्रम. स.ं अध्याय/िीर्/ड उपिीर्/ड टैररफ मूल्य माल का जििरण टैररफ मि (अमरीकी डालर प्रजत मीररक टन) (1) (2) (3) (4) 1 1511 10 00 कच् चा पॉम ऑयल 1119 2 1511 90 10 आर बी डी पॉम ऑयल 1127 3 1511 90 90 अन्य पॉम ऑयल 1123 4 1511 10 00 कच् चा पामोजलन 1129 5 1511 90 20 आर बी डी पामोलीन 1132 6 1511 90 90 अन्य पामोलीन 1131 7 1507 10 00 सोयाबीन का कच् चा तेल 1117 8 7404 00 22 पीतल स्ट्क्रैप (सभी ग्रडे ) 5220 सारणी-2 क्रम. स.ं अध्याय/िीर्/ड टैररफ मूल्य माल का जििरण उपिीर्/ड टैररफ मि (अमरीकी डालर) (1) (2) (3) (4) 1 71 या 98 स्ट्िणड, दकसी भी रूप म,ें जिसके सम्बन्ध म ें अजधसूचना संख्या 50/2017-सीमा िल्ु क, दिनांक 30.06.2017 850 प्रजत 10 ग्राम की प्रजिजष्ट संख्या 356 के अंतगडत लाभ प्राप्त दकया गया हो 2 71 या 98 रित, दकसी भी रूप म,ें जिसके सम्बन्ध म ें अजधसूचना संख्या 50/2017-सीमा िल्ु क, दिनांक 30.06.2017 978 प्रजत दकलोग्राम की प्रजिजष्ट संख्या 357 के अंतगडत लाभ प्राप्त दकया गया हो (i) रित, पिकीय या रित जसक्कों स े जभन्न दकसी भी रूप म,ें जिसकी रित अतं िडस्ट्त ु 99.9 प्रजतित स े कम नहीं ह ै या उपिीर्ड 7106 92 के अधीन आने िाले रित के अधड जिजनर्मडत प्ररूप; 3 71 (ii) पिकीय या रित जसक्क े, जिसकी रित अतं िडस्ट्त ु 978 प्रजत दकलोग्राम 99.9 प्रजतित स े कम नहीं ह ै या डाक, कुररयर या सामान के माध्यम स े ऐसे माल के आयात स े जभन्न उपिीर् ड 7106 92 के अधीन आन े िाल े रित के अध ड जिजनर्मडत प्ररूप।[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिनों के जलए, दकसी भी प्ररूप म ेंरित के अतं गतड जििेिी मुद्रा के जसक्क े, रित स े बने आभूर्ण या रित स े बनी िस्ट्तुए ंनहीं ह।ैं (i) स्ट्िणड बार, तोला बार स े जभन्न, जिस पर जिजनमाडणकताड या ररयाइनर का खुिा हुआ क्रम संख्यांक और जमररक यूजनटों म ें भार अजभव्यि ह;ै 850 प्रजत 10 ग्राम (ii) स्ट्िण ड जसक्क े, जिसम ें 99.5 प्रजतित से अन्यून 4 71 स्ट्िणड ह,ै और स्ट्िण ड प्राजप्तयां, डाक, कुररयर या बैगेि के माध्यम स े ऐस े माल के आयात से जभन्न। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिन के जलए, "स्ट्िणड प्राजप्तयां" स े कोई छोटा संघटक, िैसे हुक, क्लास्ट्प, क्लैंप, जपन, कैच, स्ट्क्रू बैक, जिसका उपयोग पूण ड आभूर्ण या उसके दकसी भाग को स्ट्थान म ें िोड़ े रखने के जलए दकया िाता ह,ै अजभप्रेत ह।ै सारणी-3 क्रम. स.ं अध्याय/िीर्/ड टैररफ मूल्य उपिीर्/ड टैररफ माल का जििरण (अमरीकी डालर प्रजत मि मीररक टन) (1) (2) (3) (4) 1 6552 (अथाडत कोई 080280 सुपारी पररितडन नहीं)” 2. यह अजधसूचना 30 निंबर, 2024 से प्रभािी होगी I [फा. स.ं 467/01/2024-सीमा िुल्क.V] संिीत कुमार, अिर सजचि नोट:- मलू अजधसूचना भारत के रािपत्र, असाधारण के भाग-II, खडं -3, उपखडं (ii) में अजधसूचना स.ं 36/2001- सीमा िुल्क (ग.ैटै.), दिनांक 3 अगस्ट्त, 2001, का.आ. 748 (अ), दिनांक 3 अगस्ट्त, 2001 के तहत प्रकाजित की गई थी, तथा यह अंजतम बार अजधसूचना स.ं 80/2024-सीमािुल्क (ग.ैटै.), दिनांक 14 निंबर 2024, जिस े का.आ. 4931(अ) दिनांक 14 निंबर 2024 के तहत भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उपखडं (ii) म ें ई-प्रकाजित दकया गया था, के द्वारा संिोजधत की गई थीI4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 29th November, 2024 No. 84/2024-CUSTOMS (N.T.) S.O. 5167(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 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 Chapter/ heading/ Tariff value Sl. No. sub-heading/tariff Description of goods (US $Per Metric Tonne) item (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 1119 2 1511 90 10 RBD Palm Oil 1127 3 1511 90 90 Others – Palm Oil 1123 4 1511 10 00 Crude Palmolein 1129 5 1511 90 20 RBD Palmolein 1132 6 1511 90 90 Others – Palmolein 1131 7 1507 10 00 Crude Soya bean Oil 1117 8 7404 00 22 Brass Scrap (all grades) 5220 TABLE-2 Sl. Chapter/ heading/ Description of goods Tariff value No. sub-heading/tariff (US $) item (1) (2) (3) (4) Gold, in any form, in respect of which the 1. benefit of entries at serial number 356 of the 71 or 98 850 per 10 grams Notification No. 50/2017-Customs dated 30.06.2017 is availed Silver, in any form, in respect of which the benefit of entries at serial number 357 of the 2. 71 or 98 978 per kilogram Notification No. 50/2017-Customs dated 30.06.2017 is availed (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 3. 71 content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 978 per kilogram 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.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 5 (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units; 4. 71 (ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, couri 850 per 10 grams er 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. TABLE-3 Sl. Chapter/ heading/ Description of goods Tariff value No. sub-heading/tariff (US $ Per Metric Ton) item (1) (2) (3) (4) 1 080280 Areca nuts 6552 (i.e., no change)” 2. This notification shall come into force with effect from the 30th day of November, 2024. [F. No. 467/01/2024-Cus.V] SANJEET 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. 80/2024-Customs (N.T.), dated the 14th November 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4931 (E), dated 14th November 2024. 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.

Continue your research

Related Documents from Ministry of Finance