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Date: 15-Feb-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, being satisfied that it is necessary and expedient to do so

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification No. 12/2024-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.) to revise tariff values for various goods. The changes are made under the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962.
  • The notification substitutes TABLE-1, TABLE-2, and TABLE-3 of the original notification with updated tables specifying tariff values for items including palm oil, palmolein, soya bean oil, brass scrap, gold, silver and areca nuts.

Key Changes

  • Crude Palm Oil: Tariff value revised to $890 per metric ton.
  • RBD Palm Oil: Tariff value revised to $901 per metric ton.
  • Other Palm Oil: Tariff value revised to $896 per metric ton.
  • Crude Palmolein: Tariff value revised to $907 per metric ton.
  • RBD Palmolein: Tariff value revised to $910 per metric ton.
  • Other Palmolein: Tariff value revised to $909 per metric ton.
  • Crude Soybean Oil: Tariff value revised to $903 per metric ton.
  • Brass Scrap (all grades): Tariff value revised to $4859 per metric ton.
  • Gold (in any form, under Notification No. 50/2017-Customs): Tariff value revised to $639 per 10 grams.
  • Silver (in any form, under Notification No. 50/2017-Customs): Tariff value revised to $716 per kilogram.
  • Areca nuts: Tariff value revised to $6259 per metric ton.
  • The notification comes into effect on February 16, 2024.

Impact Analysis

Importers and Traders

  • Action Items: Need to update costing models and pricing strategies to reflect the new tariff values. Review existing contracts to assess the impact and potential renegotiation needs.

Consumers

  • Action Items: Monitor price trends and adjust inventory management accordingly.

Gold and Silver Industry

  • Action Items: Assess the impact on the cost of raw materials and adjust pricing strategies. Stay informed about related notifications and regulations.

Government Revenue

  • Action Items: Monitor revenue collection trends and adjust fiscal policies as needed.

Key Entities Referenced

Central Board of Indirect Taxes and Customs (CBIC): The authority responsible for issuing the notification and revising the tariff values under the Customs Act, 1962. Ministry of Finance, Department of Revenue: The government body under which the CBIC operates and which is responsible for fiscal policies related to customs duties. Customs Act, 1962: The principal legislation governing customs duties and related matters in India. Section 14(2) provides the powers for revising tariff values. Notification No. 36/2001-Customs (N.T.): The original notification being amended by this notification. It establishes the tariff values for various goods. Notification No. 50/2017-Customs: Notification that provides benefits related to gold and silver imports, referenced in the current notification.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-15022024-252137 CG-DxLx-xEG-I1D5H0x2x2x0 24-252137 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.ं 684] नई दिल्ली, बृहस्ट्प जतिार, फरिरी 15, 2024/माघ 26, 1945 No. 684] NEW DELHI, THURSDAY, FEBRUARY 15, 2024/MAGHA 26, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय अप्रत्यक्ष कर एि ं सीमा िल्ु क बोडड) अजधसचू ना नई दिल्ली, 15 फरिरी, 2024 स.ं 12/2024-सीमा िल्ु क (ग.ैटै.) का.आ. 720(अ).— सीमा िुल्क अजधजनयम, 1962 (1962 का 52) की धारा 14 की उपधारा (2) द्वारा प्रित्त िजियों का प्रयोग करते हुए, केंद्रीय अप्रत्यक्ष कर एि ं सीमा िल्ु क बोडड, इस बात स े संतुष्ट होने पर दक ऐसा करना आिश्यक एि ं 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, उपखंड (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 सारजणयााँ प्रजतस्ट्थाजपत की िाएाँगी, अथाडत:्- 1066 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 890 2 1511 90 10 आर बी डी पॉम ऑयल 901 3 1511 90 90 अन्य पॉम ऑयल 896 4 1511 10 00 कच् चा पामोजलन 907 5 1511 90 20 आर बी डी पामोलीन 910 6 1511 90 90 अन्य पामोलीन 909 7 1507 10 00 सोयाबीन का कच् चा तेल 903 8 7404 00 22 पीतल स्ट्क्रेप (सभी ग्रडे ) 4859 सारणी-2 क्रम. स.ं अध्याय/िीर्/ड टैररफ मूल्य उपिीर्/ड टैररफ माल का जििरण (अमरीकी डालर) मि (1) (2) (3) (4) 1 71 या 98 स्ट्िण,ड दकसी भी रूप म,ें जिसके सम्बन्ध म ें अजधसूचना संख्या 50/2017-सीमा िुल्क, दिनांक 30.06.2017 की 639 प्रजत 10 ग्राम प्रजिजष्ट संख्या 356 के अतं गतड 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 716 प्रजत दकलोग्राम प्रजिजष्ट संख्या 357 के अतं गतड लाभ प्राप्त दकया गया हो (i) रित, पिकीय या रित जसक्कों स े जभन्न दकसी भी रूप म,ें जिसकी रित अंतिडस्ट्त ु 99.9 प्रजतित स े कम नहीं ह ै या उपिीर् ड 7106 92 के अधीन आन े िाल े रित के अध ड जिजनर्मडत प्ररूप; (ii) पिकीय या रित जसक्क े, जिसकी रित अंतिडस्ट्त ु 3 71 716 प्रजत दकलोग्राम 99.9 प्रजतित स े कम नहीं ह ैया डाक, कुररयर या सामान के माध्यम स े ऐस े माल के आयात स े जभन्न उपिीर् ड 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 स े बनी िस्ट्तुए ंनहीं ह।ैं (i) स्ट्िण ड बार, तोला बार स े जभन्न, जिस पर जिजनमाडणकता ड या ररयाइनर का खुिा हुआ क्रम सख्ं यांक और जमररक यूजनटों में भार अजभव्यि ह;ै[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 (ii) स्ट्िण ड जसक्क े, जिसम ें 99.5 प्रजतित स े अन्यनू स्ट्िण ड ह,ै और स्ट्िणड प्राजप्तयां, डाक, कुररयर या बैगेि के माध्यम 639 प्रजत 10 ग्राम 4 71 स े ऐस े माल के आयात स े जभन्न। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिन के जलए, "स्ट्िण ड प्राजप्तयां" स े कोई छोटा संघटक, िैसे हुक, क्लास्ट्प, क्लैंप, जपन, कैच, स्ट्क्रू बैक, जिसका उपयोग पूण ड आभर्ू ण या उसके दकसी भाग को स्ट्थान म ें िोड़े रखन े 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 080280 सुपारी 6259” 2. यह अजधसूचना 16 फ़रिरी, 2024 स ेप्रभािी होगी I [फा. स.ं 467/01/2024-सीमा िुल्क.V] कोजमला पुजनया, उप सजचि नोट:- मूल अजधसूचना भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उपखंड (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.ं 09/2024-सीमािुल्क (ग.ैटै.), दिनांक 31 िनिरी 2024, जिसे का.आ. 396 (अ) दिनांक 31 िनिरी 2024 के तहत भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उपखंड (ii) म ें 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 15th February, 2024 No. 12/2024-CUSTOMS (N.T.) S.O. 720(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 Chapter/ heading/ sub- Tariff value Sl. No. Description of goods heading/tariff item (US $Per Metric Tonne) (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 890 2 1511 90 10 RBD Palm Oil 901 3 1511 90 90 Others – Palm Oil 896 4 1511 10 00 Crude Palmolein 907 5 1511 90 20 RBD Palmolein 910 6 1511 90 90 Others – Palmolein 909 7 1507 10 00 Crude Soya bean Oil 903 8 7404 00 22 Brass Scrap (all grades) 4859 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. 639 per 10 grams 1. 50/2017-Customs dated 30.06.2017 is availed Silver, in any form, in respect of which the benefit of 2. 71 or 98 entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed 716 per kilogram (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 716 per kilogram 3. 71 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. (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 4. 71 639 per 10 grams 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. TABLE-3 Sl. No. Chapter/ heading/ sub- Description of goods Tariff value heading/tariff item (US $ Per Metric Ton) (1) (2) (3) (4) 1 080280 Areca nuts 6259” 2. This notification shall come into force with effect from the 16th day of February, 2024. [F. No. 467/01/2024-Cus.V] KOMILA PUNIA, Dy. 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. 09/2024-Customs (N.T.), dated the 31st January, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 396 (E), dated 31st January, 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.

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