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Date: 31-Dec-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

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Executive Summary & Key Takeaways

What it means

  • This gazette notification, numbered 88/2024-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 amends the previous notification 36/2001-Customs (N.T.) dated August 3, 2001.
  • The notification substitutes the existing Tables 1, 2 and 3 of the earlier notification with new tables specifying revised tariff values for various goods.
  • The revised tariff values will be effective from January 1, 2025.

Key Changes

  • Table 1: Tariff values for various types of Palm Oil and Palmolein have been updated. Crude Palm Oil is now valued at USD 1203 per metric tonne, RBD Palm Oil at USD 1205, and other Palm Oil at USD 1204. Crude Palmolein is valued at USD 1212, RBD Palmolein at USD 1215, and other Palmolein at USD 1214. Crude Soybean Oil is now valued at USD 1113 per metric tonne. Brass Scrap (all grades) is valued at USD 5191 per metric tonne.
  • Table 2: Tariff value for Gold, in any form, where benefit of notification 50/2017-Customs is availed is set at USD 840 per 10 grams. Tariff value for Silver, in any form, where benefit of notification 50/2017-Customs is availed is set at USD 959 per kilogram. The notification also specifies tariff values for silver and gold in different forms, with specific exclusions for imports through post, courier, or baggage for certain categories. It also defines what is not included as silver and gold for the purpose of this notification.
  • Table 3: Tariff value for Areca nuts remains unchanged at USD 6448 per metric tonne.

Impact Analysis

Importers

  • Importers of gold and silver should note the specific exclusions regarding imports through post, courier or baggage for certain forms of these metals.

Consumers

  • Consumers of jewellery and other goods made of gold and silver may also see price adjustments based on the new tariff values for these metals.

Government Revenue

  • The government will need to monitor the import volumes and revenue collections to assess the effectiveness of this notification.

Traders and Retailers

  • They will need to update their inventory valuation and accounting processes to reflect the changes.

Suggested Action Items

  • Consumers should be prepared for potential price adjustments in the affected goods.

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 agency responsible for administering indirect taxes, including customs duties, and issuing this notification. Customs Act, 1962: The primary legislation governing customs duties in India, under which this notification is issued. Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001: The principal notification being amended by this gazette notification. Notification No. 50/2017-Customs dated 30.06.2017: Notification mentioned for availing benefits on Gold and Silver Notification No. 85/2024-Customs (N.T.), dated the 13th December 2024: The last notification that amended the principal notification prior to this one.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-31122024-259771 CG-DxLx-xEG-I3D1H1x2x2x0 24-259771 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.ं 5237] िई दिल्ली, मगं लिार, दिसम्ब र 31, 2024/पौष 10, 1946 No. 5237] NEW DELHI, TUESDAY, DECEMBER 31, 2024/PAUSHA 10, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय अप्रत्यक्ष कर एि ं सीमा िल्ु क बोडड) अधिसचू ना नई दिल्ली, 31 दिसम् बर, 2024 स.ं 88/2024-सीमा िल्ु क (ग.ैटै.) का.आ. 5657(अ).—सीमा िल्ु क अजधजियम, 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 होि ेपर दक ऐसा करिा आिश्यक एि ं समीचीि ह,ै एतद्द्वारा, भारत सरकार, जित्त मंत्रालय (रािस्ट्ि जिभाग) की अजधसूचिा स.ं 36/2001-सीमा िल्ु क (ग.ै टै.), दििांक 3 अगस्ट्त, 2001, जिस े का.आ. 748(अ), दििांक 3 अगस्ट्त, 2001 के तहत भारत के रािपत्र, असाधारण के भाग-II, खडं -3, उपखडं (ii) म ें प्रकाजित दकया गया था, म ेंजिम्नजलजखत संिोधि करता ह,ै अथाडत:् - उि अजधसूचिा में, सारणी-1, सारणी-2 और सारणी-3 के स्ट्थाि पर जिम्नजलजखत सारजणयााँ प्रजतस्ट्थाजपत की िाएाँगी, अथाडत:् - 8516 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] "सारणी-1 क्रम. स.ं अध्याय/िीष/ड उपिीष/ड टैररफ मूल्य माल का जििरण टैररफ मि (अमरीकी डालर प्रजत मीररक टि) (1) (2) (3) (4) 1 1511 10 00 कच् चा पॉम ऑयल 1203 2 1511 90 10 आर बी डी पॉम ऑयल 1205 3 1511 90 90 अन्य पॉम ऑयल 1204 4 1511 10 00 कच् चा पामोजलि 1212 5 1511 90 20 आर बी डी पामोलीि 1215 6 1511 90 90 अन्य पामोलीि 1214 7 1507 10 00 सोयाबीि का कच् चा तेल 1113 8 7404 00 22 पीतल स्ट्क्रैप (सभी ग्रडे ) 5191 सारणी-2 क्रम. स.ं अध्याय/िीष/ड टैररफ मूल्य उपिीष/ड टैररफ माल का जििरण (अमरीकी डालर) मि (1) (2) (3) (4) 1 71 या 98 स्ट्िणड, दकसी भी रूप म,ें जिसके सम्बन्ध म ें अजधसूचिा संख्या 50/2017-सीमा िल्ु क, दििांक 30.06.2017 की 840 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 ें अजधसूचिा संख्या 50/2017-सीमा िल्ु क, दििांक 30.06.2017 की 959 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 अंतिडस्ट्तु 99.9 प्रजतित से कम िहीं ह ैया उपिीष ड 7106 92 के अधीि आिे िाले रित के अधड जिजिर्मडत प्ररूप; 3 71 (ii) पिकीय या रित जसक्क े, जिसकी रित अतं िडस्ट्त ु 959 प्रजत दकलोग्राम 99.9 प्रजतित स े कम िहीं ह ै या डाक, कुररयर या सामाि के माध्यम स े ऐस े माल के आयात स े जभन्न उपिीष ड 7106 92 के अधीि आिे िाले रित के अध ड जिजिर्मडत प्ररूप।[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 3 स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोििों के जलए, दकसी भी प्ररूप म ें रित के अतं गतड जििेिी मुद्रा के जसक्क े, रित स े बिे आभूषण या रित स े बिी िस्ट्तुए ंिहीं ह।ैं (i) स्ट्िणड बार, तोला बार स े जभन्न, जिस पर जिजिमाडणकता ड या ररयाइिर का खुिा हुआ क्रम संख्यांक और जमररक यूजिटों म ेंभार अजभव्यि ह;ै (ii) स्ट्िणड जसक्क े, जिसम ें 99.5 प्रजतित स े अन्यूि स्ट्िण ड ह,ै 4 71 840 प्रजत 10 ग्राम और स्ट्िण ड प्राजप्तयां, डाक, कुररयर या बैगेि के माध्यम स े ऐस े माल के आयात स े जभन्न। स्ट्पष्टीकरण - इस प्रजिजष्ट के प्रयोिि के जलए, "स्ट्िण ड प्राजप्तयां" स े कोई छोटा संघटक, िैस े हुक, क्लास्ट्प, क्लैंप, जपि, कैच, स्ट्क्रू बैक, जिसका उपयोग पूणड आभूषण या उसके दकसी भाग को स्ट्थाि म ें िोड़े रखिे के जलए दकया िाता ह,ै अजभप्रेत ह।ै सारणी-3 क्रम. स.ं अध्याय/िीष/ड टैररफ मूल्य उपिीष/ड टैररफ माल का जििरण (अमरीकी डालर प्रजत मि मीररक टि) (1) (2) (3) (4) 1 6448 (अथाडत कोई 080280 सुपारी पररितडि िहीं)” 2. यह अजधसूचिा 01 िििरी, 2025 से प्रभािी होगी I [फा. स.ं 467/01/2024-सीमा िुल्क.V] मेघा बंसल, अिर सजचि िोट:- मलू अजधसूचिा भारत के रािपत्र, असाधारण के भाग-II, खडं -3, उपखडं (ii) में अजधसूचिा स.ं 36/2001- सीमा िुल्क (ग.ैटै.), दििांक 3 अगस्ट्त, 2001, का.आ. 748 (अ), दििांक 3 अगस्ट्त, 2001 के तहत प्रकाजित की गई थी, तथा यह अंजतम बार अजधसूचिा स.ं 85/2024-सीमािुल्क (ग.ै ट.ै ), दििांक 13 दिसंबर 2024, जिसे का.आ. 5399 (अ) दििांक 13 दिसंबर 2024 के तहत भारत के रािपत्र, असाधारण के भाग-II, खडं -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 31st December, 2024 No. 88/2024-CUSTOMS (N.T.) S.O. 5657(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 1203 2 1511 90 10 RBD Palm Oil 1205 3 1511 90 90 Others – Palm Oil 1204 4 1511 10 00 Crude Palmolein 1212 5 1511 90 20 RBD Palmolein 1215 6 1511 90 90 Others – Palmolein 1214 7 1507 10 00 Crude Soya bean Oil 1113 8 7404 00 22 Brass Scrap (all grades) 5191 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. 840 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. 50/2017-Customs dated 30.06.2017 is availed 959 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; 3. (ii) Medallions and silver coins having silver content not below 99.9% or semi-manufactured 71 959 per kilogram forms of 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 4. number and weight expressed in metric units; 71 840 per 10 grams (ii) Gold coins having gold content not below 99.5%[भाग II—खण् ड 3(ii)] भारत का रािपत्र : असाधारण 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 6448 (i.e., no change)” 2. This notification shall come into force with effect from the 01st day of January, 2025. [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. 85/2024-Customs (N.T.), dated the 13th December 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 5399 (E), dated 13th December 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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