Home› India› Ministry of Finance› In exercise of the powers conferred by sub section (2) of se...
Date: 31-Jan-2023 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, being satisfied that it is necessary and expedient to do so,

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

Key Changes

  • Crude Palmolein: Tariff value increased to $999 per metric ton.
  • Other Palmolein: Tariff value increased to $1001 per metric ton.
  • Crude Soybean Oil: Tariff value increased to $1267 per metric ton.
  • Brass Scrap (all grades): Tariff value increased to $5324 per metric ton.
  • Crude Palm Oil: Tariff value increased to $986 per metric ton.
  • RBD Palm Oil: Tariff value increased to $992 per metric ton.
  • Other Palm Oil: Tariff value increased to $990 per metric ton.
  • Gold (in any form): Tariff value is $620 per 10 grams, subject to conditions outlined in Notification No. 50/2017-Customs dated 30.06.2017.
  • Silver (in any form): Tariff value is $768 per kilogram, subject to conditions outlined in Notification No. 50/2017-Customs dated 30.06.2017.
  • Areca nuts: Tariff value remains unchanged at $9093 per metric ton.
  • RBD Palmolein: Tariff value increased to $1002 per metric ton.

What it means

  • The notification No. 07/2023-Customs (N.T.) issued by the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, amends Notification No. 36/2001-Customs (N.T.) dated August 3, 2001, by substituting new tables specifying tariff values for various goods.
  • This notification updates the tariff values for items including crude palm oil, RBD palm oil, other palm oils, crude palmolein, RBD palmolein, other palmolein, crude soybean oil, brass scrap, gold, silver and areca nuts.
  • The revised tariff values are expressed in US dollars per metric ton or per 10 grams/kilogram, depending on the item.
  • The notification comes into effect on February 1, 2023.

Impact Analysis

Importers of Palm Oil and Soybean Oil

  • Action Items: Review existing contracts and pricing strategies to account for the increased tariff values. Explore options for hedging against price fluctuations.

Importers of Gold and Silver

  • Action Items: Evaluate the impact of the revised tariff values on gold and silver imports. Ensure compliance with the conditions specified in Notification No. 50/2017-Customs to avail the benefits.

Brass Scrap Importers

  • Action Items: Assess the financial impact of the increased tariff value on brass scrap imports. Explore alternative sourcing options or negotiate with suppliers.

Consumers

  • Action Items: Monitor price trends and adjust consumption patterns as needed.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The government body responsible for issuing the notification and overseeing revenue collection. Central Board of Indirect Taxes and Customs (CBIC): The agency responsible for setting and administering customs duties. Customs Act, 1962: The principal legislation governing customs duties in India. Section 14(2) provides the CBIC with 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 notification. Notification No. 50/2017-Customs dated 30.06.2017: Notification that provides benefits to gold and silver imports and is referenced in the current notification. Notification No. 04/2023-Customs (N.T.), dated the 13th January, 2023: The last amendment to the principal notification.
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.-31012023-243313 xxxGIDHxxx CG-DL-E-31012023-243313 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.ं 444] नई दिल्ली, मगं लिार, िनिरी 31, 2023/माघ 11, 1944 No. 444] NEW DELHI, TUESDAY, JANUARY 31, 2023/ MAGHA 11, 1944 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय अप्रत्यक्ष कर एिं सीमा िल्ु क बोडड) अजधसचू ना नई दिल्ली, 31 िनिरी, 2023 स.ं 07/2023-सीमा िल्ु क (ग.ैटै.) का.आ. 459(अ).—सीमा िुल्क अजधजनयम, 1962 (1962 का 52) की धारा 14 की उप-धारा (2) द्वारा प्रित् त िजियों का प्रयोग करते हुए, केंद्रीय अप्रत्यक्ष कर एि ं सीमा िुल्क बोडड, इस बात स े संतुष्ट होने पर दक ऐसा करना आिश्यक एिं समीचीन ह,ै एतद्द्वारा, भारत सरकार, जित्त मंत्रालय (रािस्ट्ि जिभाग) की अजधसूचना स.ं 36/2001-सीमा िुल्क (ग.ै ट.ै ), दिनांक 3 अगस्ट्त, 2001, जिसे का.आ. 748 (अ), दिनांक 3 अगस्ट्त, 2001 के तहत भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उप-खंड (ii) म ें प्रकाजित दकया गया था, म ें जनम्नजलजखत संिोधन करता ह,ै अथाडत:्- उक्त अजधसूचना म,ें सारणी-1, सारणी-2 और सारणी-3 के स्ट्थान पर जनम्नजलजखत सारजणयााँ प्रजतस्ट्थाजपत की िाएाँगी, अथाडत:्- 674 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] "सारणी-1 क्रम. स.ं अध् याय/िीर्ड/उपिीर्ड/ टैररफ मूल् य माल का जििरण टैररफ मि (अमरीकी डालर प्रजत मीररक टन) (1) (2) (3) (4) 1 1511 10 00 कच् चा पॉम ऑयल 986 2 1511 90 10 आर बी डी पॉम ऑयल 992 3 1511 90 90 अन् य पॉम ऑयल 990 4 1511 10 00 कच् चा पामोजलन 999 5 1511 90 20 आर बी डी पामोलीन 1002 6 1511 90 90 अन्य पामोलीन 1001 7 1507 10 00 सोयाबीन का कच् चा तेल 1267 8 7404 00 22 पीतल स्ट् क्रेप (सभी ग्रेड) 5324 सारणी-2 क्रम. स.ं अध् याय/िीर्ड/ टैररफ मूल् य माल का जििरण उपिीर्/ड टैररफ मि (अमरीकी डालर) (1) (2) (3) (4) 1 71 या 98 स्ट्िण,ड दकसी भी रूप में, जिसके सम्बन्ध म ेंअजधसूचना संख्या 50/2017-सीमा िुल्क, दिनांक 30.06.2017 की 620 प्रजत 10 ग्राम प्रजिजष्ट संख्या 356 के अंतगतड लाभ प्राप्त दकया गया हो 2 71 या 98 रित, दकसी भी रूप म,ें जिसके सम्बन्ध म ें अजधसूचना संख्या 50/2017-सीमा िुल्क, दिनांक 30.06.2017 की 768 प्रजत प्रजिजष्ट संख्या 357 के अंतगतड लाभ प्राप्त दकया गया हो दकलोग्राम (i) रित, पिकीय या रित जसक्क ों से जभन्न दकसी भी रूप म,ें जिसकी रित अंतिडस्ट्तु 99.9 प्रजतित से कम नहीं ह ै या उपिीर् ड 7106 92 के अधीन आन े िाल े रित के अध डजिजनर्मडत प्ररूप; 3 71 (ii) पिकीय या रित जसक्क े, जिसकी रित अतं िडस्ट्त ु 768 प्रजत दकलोग्राम 99.9 प्रजतित से कम नहीं ह ै या डाक, कुररयर या सामान के माध्यम स े ऐस े माल के आयात स े जभन्न उपिीर्ड 7106 92 के अधीन आन े िाले रित के अध ड जिजनर्मडत प्ररूप। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिनों के जलए, दकसी भी प्ररूप म ें रित के अतं गतड जिििे ी मुद्रा के जसक्क े, रित स े बने आभूर्ण या रित से बनी िस्ट्तुएं नहीं ह।ैं (i) स्ट्िण ड बार, तोला बार स े जभन्न, जिस पर जिजनमाडणकताड या ररयाइनर का खुिा हुआ क्रम[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 संख्यांक और जमररक यूजनटों में भार अजभव्यि ह;ै (ii) स्ट्िणड जसक्क े, जिसमें 99.5 प्रजतित से अन्यून स्ट्िणड ह,ै और स्ट्िणड प्राजप्तयां, डाक, कुररयर या बैगेि के 620 प्रजत 10 ग्राम 4 71 माध्यम से ऐसे माल के आयात से जभन्न। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिन के जलए, "स्ट्िणड प्राजप्तयां" से कोई छोटा संघटक, िैसे हुक, क्लास्ट्प, क्लैंप, जपन, कैच, स्ट्क्रू बैक, जिसका उपयोग पूण ड आभूर्ण या उसके दकसी भाग को स्ट्थान म ें िोड़े रखने के जलए दकया िाता ह,ै अजभप्रेत ह।ै सारणी-3 क्रम. स.ं अध् याय/िीर्ड/ टैररफ मूल् य उपिीर्/ड टैररफ माल का जििरण (अमरीकी डालर मि प्रजत मीररक टन) (1) (2) (3) (4) 1 9093 (अथाडत कोई 080280 सुपारी पररितडन नहीं)” 2. यह अजधसूचना 01 फ़रिरी, 2023 स े प्रभािी होगी I [फा. स.ं 467/01/2023-सीमा िुल्क.V] हरीि कुमार, अिर सजचि नोट:- मूल अजधसूचना भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उपखंड (ii) म ें अजधसूचना स.ं 36/2001- सीमा िुल् क (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.ं 04/2023-सीमािुल्क (ग.ैटै.), दिनाकं 13 िनिरी 2023, जिसे का.आ. 259 (अ) दिनांक 13 िनिरी के तहत भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उपखंड (ii) में ई-प्रकाजित दकया गया था, के द्वारा संिोजधत की गई थीI MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 31st January, 2023 No. 07/2023-CUSTOMS (N.T.) S.O. 459(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: -4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] “TABLE-1 Tariff value Sl. No. Chapter/ heading/ sub-heading/tariff item Description of goods (US $Per Metric Tonne) (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 986 2 1511 90 10 RBD Palm Oil 992 3 1511 90 90 Others – Palm Oil 990 4 1511 10 00 Crude Palmolein 999 5 1511 90 20 RBD Palmolein 1002 6 1511 90 90 Others – Palmolein 1001 7 1507 10 00 Crude Soya bean Oil 1267 8 7404 00 22 Brass Scrap (all grades) 5324 TABLE-2 Sl. No. Chapter/ heading/ sub- Description of goods Tariff value heading/tariff item (US $) (1) (2) (3) (4) Gold, in any form, in respect of which the benefit of 71 or 98 entries at serial number 356 of the Notification No. 620 per 10 grams 1. 50/2017-Customs dated 30.06.2017 is availed Silver, in any form, in respect of which the benefit of 71 or 98 entries at serial number 357 of the Notification No. 768 per kilogram 2. 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 content not below 99.9% or semi-manufactured 3. 71 forms of silver falling under sub-heading 7106 92, 768 per kilogram 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. (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% 71 and gold findings, other than imports of such goods 620 per 10 grams 4. 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.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 5 TABLE-3 Sl. No. Chapter/ heading/ sub- Description of goods Tariff value heading/tariff item (US $ Per Metric Tonne) (1) (2) (3) (4) 1 080280 Areca nuts 9093 (i.e., no change)” 2. This notification shall come into force with effect from the 01st day of February, 2023. [F. No. 467/01/2023-Cus.V] HARISH 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. 04/2023-Customs (N.T.), dated the 13th January, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 259(E), dated 13th January, 2023. 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