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Date: 15-May-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

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Executive Summary & Key Takeaways

What it means

  • The notification No. 34/2023-Customs (N.T.) issued by the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs, revises the tariff values for various goods, including palm oil, palmolein, soybean oil, brass scrap, gold, and silver. It replaces TABLE-1, TABLE-2, and TABLE-3 of the earlier notification No. 36/2001-Customs (N.T.), dated August 3, 2001, with updated tariff values. There is no change for Areca nuts.

Key Changes

  • The tariff value for Crude Palm Oil is revised to US $988 per metric ton.
  • The tariff value for RBD Palm Oil is revised to US $1020 per metric ton.
  • The tariff value for Other Palm Oil is revised to US $1004 per metric ton.
  • The tariff value for Crude Palmolein is revised to US $1030 per metric ton.
  • The tariff value for RBD Palmolein is revised to US $1033 per metric ton.
  • The tariff value for Other Palmolein is revised to US $1032 per metric ton.
  • The tariff value for Crude Soybean Oil is revised to US $983 per metric ton.
  • The tariff value for Brass Scrap (all grades) is revised to US $5105 per metric ton.
  • The tariff value for Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed is revised to US $650 per 10 grams.
  • The tariff value for Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed is revised to US $773 per kilogram.
  • The tariff value for 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; and Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage is revised to US $773 per kilogram.
  • The tariff value for Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units; and Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage is revised to US $650 per 10 grams.
  • The tariff value for Areca nuts remains unchanged at US $10379 per metric ton.
  • The notification is effective from May 16, 2023.

Impact Analysis

Importers of Palm Oil and Palmolein

  • Action Item: Update costing models with new tariff values for palm oil and palmolein. Review existing contracts and pricing agreements.

Importers of Soybean Oil

  • Action Item: Update costing models with the new tariff value for soybean oil. Assess the impact on profitability and competitiveness.

Importers of Brass Scrap

  • Action Item: Analyze the impact of the revised tariff value on the brass scrap import business. Explore alternative sourcing strategies if necessary.

Importers of Gold and Silver

  • Action Item: Recalculate import costs for gold and silver based on the new tariff values. Ensure compliance with Notification No. 50/2017-Customs.

Consumers

  • Action Item: Monitor market prices and consumer demand to understand the impact of tariff changes on consumer behavior.

Government Revenue

  • Action Item: Track revenue collection from customs duties on the specified goods to assess the fiscal impact of the notification.

Key Entities Referenced

Central Board of Indirect Taxes and Customs (CBIC): The issuing authority for this notification, responsible for administering indirect taxes, including customs duties, in India. Ministry of Finance (Department of Revenue): The government ministry responsible for fiscal policy, including taxation and customs. Customs Act, 1962: The primary legislation governing customs duties and related matters in India. Section 14(2) provides the CBIC with the power to determine tariff values. Notification No. 36/2001-Customs (N.T.), dated August 3, 2001: The original notification being amended by this notification. It established the initial tariff values for various goods. Notification No. 50/2017-Customs dated 30.06.2017: Notification that provides benefits to gold and silver importers, referenced in the current notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-15052023-245888 xxxGIDHxxx CG-DL-E-15052023-245888 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.ं 2089] नई दिल्ली, सोमिार, मई 15, 2023/ििै ाख 25, 1945 No. 2089] NEW DELHI, MONDAY, MAY 15, 2023/VAISAKHA 25, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय अप्रत्यक्ष कर एि ंसीमा िल्ु क बोडड) अजधसचू ना नई दिल्ली, 15 मई, 2023 स.ं 34/2023-सीमािल्ु क (ग.ै टै.) का.आ. 2182(अ).—सीमािुल्क 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 होने पर दक ऐसा करना आिश्यक एिं समीचीन ह,ै एतद्द्वारा, भारत सरकार, जित्त मंत्रालय (रािस्ट्ि जिभाग) की अजध सूचना 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:्- उक्त अजध सूचना म,ें सारणी-1, सारणी-2 और सारणी-3 के स्ट्थान पर जनम्नजलजखत सारजणयााँ प्रजतस्ट्थाजपत की िाएाँगी, अथाडत:्- 3142 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] "सारणी-1 क्रम. स.ं अध्य ाय/िीर्ड/उपिीर्ड/ टैररफ मूल् य माल का जििरण टैररफमि (अमरीकी डालर प्रजत मीररक टन) (1) (2) (3) (4) 1 1511 10 00 कच् चा पॉम ऑयल 988 2 1511 90 10 आर बी डी पॉम ऑयल 1020 3 1511 90 90 अन् य पॉम ऑयल 1004 4 1511 10 00 कच् चा पामोजलन 1030 5 1511 90 20 आर बी डी पामोलीन 1033 6 1511 90 90 अन्य पामोलीन 1032 7 1507 10 00 सोयाबीन का कच् चातेल 983 8 7404 00 22 पीतल स्ट् क्रेप (सभी ग्रेड) 5105 सारणी-2 क्रम. सं. अध्य ाय/िीर्ड/ उपिीर्ड/ टैररफ मूल् य माल का जििरण टैररफमि (अमरीकी डालर) (1) (2) (3) (4) 1 71या98 स्ट्िणड, दकसी भी रूप म,ें जिस के सम्बन्ध में अजधसूचना संख्या 50/2017-सीमा िुल्क, दिनांक 30.06.2017 की 650 प्रजत 10 ग्राम प्रजिजष्ट संख्या 356 के अंतगडत लाभ प्राप्त दकया गया हो 2 71या98 रित, दकसी भी रूप में, जिस के सम्बन्ध में अजध सूचना संख्या 50/2017-सीमा िुल्क, दिनांक 30.06.2017 की 773 प्रजत दकलो ग्राम प्रजिजष्ट संख्या 357 केअंतगडत लाभ प्राप्त दकया गया हो (i) रित, पिकीय या रित जसक् कों से जभ कि दकसी भी रूप में, जिसकी रित अंतिडस्ट्तु 99.9 प्रजतित से कम नहीं ह ै या उपिीर्ड 7106 92 के अधीन आने िाले रित के अधड जिजनर्मतड प्ररूप; 3 71 (ii) पिकीय या रित जसक् के, जिसकी रित अंतिडस्ट्तु 99.9 773 प्रजत दकलो प्रजतित से कम नहीं ह ै या डाक, कुररयर या सामान के ग्राम माध्यम से ऐस े माल के आयात से जभ कि उपिीर्ड 7106 92 के अधीन आने िाले रित के अधड जिजनर्मडत प्ररूप। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिनों के जलए, दकसी भी प्ररूप में रित के अंतगडत जिििे ी मुद्रा के जसक् के, रित से बने आभूर्ण या रित से बनी िस्ट्तुएं नहीं ह।ैं (i) स्ट्िणड बार, तोला बार से जभ कि, जिस पर जिजनमाडणकता ड या ररयाइनर का खुिा हुआ क्रम संख्यांक और जमररक यूजनटों में भार अजभव्यि है; (ii) स्ट्िणड जसक् के, जिसमें 99.5 प्रजतित से अन्यून स्ट्िणड है, और स्ट्िणड प्राजप्तया,ं डाक, कुररयर या बैगेि के माध्यम से ऐसे 650 प्रजत 10 ग्राम 4 71 माल के आयात से जभ कि। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिन के जलए, "स्ट्िणड प्राजप्तया"ं से कोई छोटा संघटक, िैसे हुक, क्लास्ट्प, क्लैंप, जपन, कैच, स्ट्क्रू बैक, जिसका उपयोग पूणड आभूर्ण या उसके दकसी भाग को स्ट्थान में िोड़े रखने के जलए दकया िाता है, अजभप्रेत ह।ै[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 सारणी-3 क्रम. स.ं अध् याय/िीर्ड/ टैररफ मूल् य उपिीर्/ड माल का जििरण (अमरीकी डालर टैररफमि प्रजत मीररक टन) (1) (2) (3) (4) 1 10379(अथाडत कोई 080280 सुपारी पररितडन नहीं)” 2.यह अजधसूचना 16 मई, 2023 से प्रभािी होगी I [फा. स.ं 467/01/2023-सीमािुल्क.V] आर. अनंत, उप 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.ं 32/2023-सीमािुल्क (गै.ट.ै ), दिनांक 28 अप्रैल 2023, जिसे का.आ. 1967 (अ) दिनांक 28 अप्रलै 2023 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 May, 2023 No. 34/2023-CUSTOMS (N.T.) S.O. 2182(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/ 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 988 2 1511 90 10 RBD Palm Oil 1020 3 1511 90 90 Others – Palm Oil 1004 4 1511 10 00 Crude Palmolein 1030 5 1511 90 20 RBD Palmolein 1033 6 1511 90 90 Others – Palmolein 1032 7 1507 10 00 Crude Soya bean Oil 983 8 7404 00 22 Brass Scrap (all grades) 5105 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 1. of entries at serial number 356 of the 71 or 98 650 per 10 grams Notification No. 50/2017-Customs dated 30.06.2017 is availed4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] Silver, in any form, in respect of which the 2. benefit of entries at serial number 357 of the 71 or 98 773 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; 3. (ii) Medallions and silver coins having silver content not below 99.9% or semi- 71 manufactured forms of silver falling under 773 per kilogram 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 4. 99.5% and gold findings, other than imports of such goods through post, courier or 650 per 10 grams 71 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 10379 (i.e., no change)” 2. This notification shall come into force with effect from the 16th day of May, 2023. [F. No. 467/01/2023-Cus.V] R. ANANTH, 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. 32/2023-Customs (N.T.), dated the 28th April, 2023, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1967(E), dated 28th April, 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.

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