Home India Ministry of Finance In exercise of the powers conferred by sub section (2) of se...
Date: 15-May-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. 35/2024-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.), dated August 3, 2001. The amendment revises the tariff values for various goods, including palm oil, palmolein, soybean oil, brass scrap, gold, silver and areca nuts.

Key Changes

  • Revisions in Tariff Values: The notification substitutes TABLE-1, TABLE-2, and TABLE-3 of the original notification with updated tariff values for specific goods.
  • Crude Palm Oil: Tariff value is now USD 892 per metric ton.
  • RBD Palm Oil: Tariff value is now USD 907 per metric ton.
  • Other Palm Oil: Tariff value is now USD 900 per metric ton.
  • Crude Palmolein: Tariff value is now USD 919 per metric ton.
  • RBD Palmolein: Tariff value is now USD 922 per metric ton.
  • Other Palmolein: Tariff value is now USD 921 per metric ton.
  • Crude Soybean Oil: Tariff value is now USD 935 per metric ton.
  • Brass Scrap (all grades): Tariff value is now USD 5587 per metric ton.
  • Gold (in any form): Tariff value is now USD 758 per 10 grams, applicable under Notification No. 50/2017-Customs dated 30.06.2017.
  • Silver (in any form): Tariff value is now USD 919 per kilogram, applicable under Notification No. 50/2017-Customs dated 30.06.2017.
  • Areca Nuts: Tariff value remains unchanged at USD 6033 per metric ton.
  • Effective Date: The notification is effective from May 16, 2024.

Impact Analysis

Importers and Traders

  • Action Items: Importers should update their costing models to reflect the new tariff values and assess the impact on their overall import costs. Traders should communicate these changes to their customers and adjust pricing accordingly.

Consumers

  • Action Items: Monitor price fluctuations in the retail market and adjust purchasing decisions as necessary. Be aware of potential inflationary pressures on food items.

Gold and Silver Industry

  • Action Items: Industry stakeholders should review their inventory valuation and hedging strategies in light of the new tariff values. Assess the impact on the competitiveness of domestically produced jewelry and investment products.

Government Revenue

  • Action Items: The Central Board of Indirect Taxes and Customs (CBIC) should monitor the revenue impact of these changes and make adjustments as needed to meet revenue targets.

Key Entities Referenced

Central Board of Indirect Taxes and Customs (CBIC): The entity responsible for issuing the notification and amending the customs duties. Ministry of Finance (Department of Revenue): The government body under which the CBIC operates and which oversees fiscal policy. Customs Act, 1962: The primary legislation that empowers the CBIC to set and modify tariff values. Notification No. 36/2001-Customs (N.T.): The original notification being amended by this gazette. Notification No. 50/2017-Customs dated 30.06.2017: Notification under which benefits are availed for Gold and Silver.
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.-15052024-254197 CG-DxLx-xEG-I1D5H0x5x2x0 24-254197 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.ं 1897] नई दिल्ली, बुधिार, मई 15, 2024/ििै ाख 25, 1946 No. 1897] NEW DELHI, WEDNESDAY, MAY 15, 2024/VAISAKHA 25, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय अप्रत्यक्ष कर एि ं सीमा िल्ु क बोडड) अजधसचू ना नई दिल् ली, 15 मई, 2024 स.ं 35/2024-सीमा िल्ु क (ग.ैटै.) का.आ. 1995(अ).— सीमा िल्ु क अजधजनयम, 1962 (1962 का 52) की धारा 14 की उपधारा (2) द्वारा प्रित्त ि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:् - 3031 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] "सारणी-1 क्रम. स.ं अध् याय/िीर्/ड उपिीर्/ड 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 892 2 1511 90 10 आर बी डी पॉम ऑयल 907 3 1511 90 90 अन् य पॉम ऑयल 900 4 1511 10 00 कच् चा पामोजलन 919 5 1511 90 20 आर बी डी पामोलीन 922 6 1511 90 90 अन्य पामोलीन 921 7 1507 10 00 सोयाबीन का कच् चा तेल 935 8 7404 00 22 पीतल स्ट् क्रेप (सभी ग्रडे ) 5587 सारणी-2 क्रम. स.ं अध् याय/िीर्/ड टैररफ मूल् य उपिीर्/ड टैररफ माल का जििरण (अमरीकी डालर प्रजत मि मीररक टन) (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 की 758 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 िल्ु क, दिनांक 30.06.2017 की 919 प्रजत दकलोग्राम प्रजिजष्ट संख्या 357 के अतं गतड लाभ प्राप्त दकया गया हो (i) रित, पिकीय या रित जसक्क ों स े जभन्न दकसी भी रूप म,ें जिसकी रित अंतिडस्ट्तु 99.9 प्रजतित स े कम नहीं ह ै या उपिीर् ड 7106 92 के अधीन आन े िाले रित के अध ड जिजनर्मडत प्ररूप; 3 71 (ii) पिकीय या रित जसक्क े, जिसकी रित अतं िडस्ट्त ु 99.9 919 प्रजत दकलोग्राम 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 आने िाल े रित के अधड जिजनर्मडत प्ररूप। 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 से बनी िस्ट्तुए ंनहीं ह।ैं[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 (i) स्ट्िण ड बार, तोला बार स े जभन्न, जिस पर जिजनमाडणकताड या ररयाइनर का खुिा हुआ क्रम संख्यांक और जमररक यूजनटों म ें भार अजभव्यि ह;ै (ii) स्ट्िणड जसक्क े, जिसम ें 99.5 प्रजतित स े अन्यून स्ट्िणड ह,ै 758 प्रजत 10 ग्राम और स्ट्िणड प्राजप्तयां, डाक, कुररयर या बैगेि के माध्यम स े 4 71 ऐसे माल के आयात स े जभन्न। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिन के जलए, "स्ट्िण ड प्राजप्तयां" स े कोई छोटा संघटक, िैस े हुक, क्लास्ट्प, क्लैंप, जपन, कैच, स्ट्क्रू बैक, जिसका उपयोग पूणड आभूर्ण या उसके दकसी भाग को स्ट्थान म ें िोड़े रखने के जलए दकया िाता ह,ै अजभप्रेत ह।ै सारणी-3 क्रम. स.ं अध् याय/िीर्/ड टैररफ मूल् य उपिीर्/ड टैररफ माल का जििरण (अमरीकी डालर प्रजत मि मीररक टन) (1) (2) (3) (4) 1 6033 (अथाडत कोई 080280 सुपारी पररितडन नहीं)” 2. यह अजधसूचना 16 मई, 2024 से प्रभािी होगी I [फा. स.ं 467/01/2024-सीमा िुल्क.V] मेघा बंसल, अिर सजचि नोट:- मूल अजधसूचना भारत के रािपत्र, असाधारण के भाग-II, खंड-3, उपखडं (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.ं 32/2024-सीमािल्ु क (ग.ै ट.ै ), दिनांक 30 अप्रैल 2024, जिसे का.आ. 1876 (अ) दिनांक 30 अप्रलै 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 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 15th May, 2024 No. 35/2024-CUSTOMS (N.T.) S.O. 1995(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 892 2 1511 90 10 RBD Palm Oil 907 3 1511 90 90 Others – Palm Oil 900 4 1511 10 00 Crude Palmolein 919 5 1511 90 20 RBD Palmolein 922 6 1511 90 90 Others – Palmolein 921 7 1507 10 00 Crude Soya bean Oil 935 8 7404 00 22 Brass Scrap (all grades) 5587 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 1. 71 or 98 entries at serial number 356 of the Notification No. 758 per 10 grams 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. 2. 919 per kilogram 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-manufactured forms of 919 per kilogram 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 71 and weight expressed in metric units; 758 per 10 grams 4.[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 5 (ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods 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 6033 (i.e., no change)” 2. This notification shall come into force with effect from the 16th day of May, 2024. [F. No. 467/01/2024-Cus.V] MEGHA BANSAL, 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. 32/2024-Customs (N.T.), dated the 30th April, 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1876 (E), dated 30th April, 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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