Executive Summary:
This notification from the Ministry of Finance amends a previous notification regarding tariff values for certain goods. It provides updated tables specifying tariff values for various items, including palm oil, soya bean oil, brass scrap, poppy seeds, gold, silver and areca nuts. The notification was issued on July 31, 2018.
Key Points / Main Content:
Updated Tariff Values:
* Table 1 substitutes the tariff values for various types of palm oil (crude, RBD, others) and palmolein (crude, RBD, others), crude soya bean oil, brass scrap, and poppy seeds, expressed in US dollars per metric tonne.
* Table 2 substitutes the tariff values for gold and silver, in any form, in respect of which the benefit of entries at serial number 356 and 358/ 357 and 359 of the Notification No. 502017Customs dated 30.06.2017 is availed. Tariff values are expressed in US dollars per 10 grams (gold) and per kilogram (silver).
* Table 3 substitutes the tariff value for areca nuts, expressed in US dollars per metric tonne.
Legal Basis:
* The notification is issued under subsection 2 of section 14 of the Customs Act, 1962.
Impact Analysis:
Importers and Exporters:
Impact: Affected by the revised tariff values for the specified goods, influencing import/export duties and costs.
Action Required: Review the updated tariff values and adjust financial planning and import/export procedures accordingly.
Customs Officials:
Impact: Responsible for implementing the revised tariff values when assessing customs duties on the specified goods.
Action Required: Update customs systems and procedures to reflect the new tariff values and ensure accurate duty assessment.
Central Board of Indirect Taxes and Customs (CBIC):
Impact: Responsible for overseeing the implementation and enforcement of the updated tariff values.
Action Required: Monitor the impact of the revised tariff values on trade and revenue, and address any implementation issues that may arise.
Key Entities Referenced
Customs Act, 1962: An act of parliament of India to consolidate and amend the law relating to customs.
Central Board of Indirect Taxes and Customs: A government agency responsible for the formulation of policy concerning levy and collection of customs duties, central excise duties and service tax.
Ministry of Finance: A ministry within the Government of India concerned with the economy of India, serving as the Indian Treasury.
Department of Revenue: A department under the Ministry of Finance in the Government of India.
New Delhi: The capital of India where the notification was issued.
Notification No. 362001Customs N.T.: A previous notification related to customs, dated 3rd August, 2001, which this notification amends.
Notification No. 502017Customs: A previous notification related to customs, dated 30.06.2017, mentioned in TABLE2.
Dr. SREEPARVATHY S.L.: Under Secretary in the Department of Revenue, as indicated by the signature at the end of the notification.
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[फा. सं. 467/01/2018-सीमा शु(cid:3) क–V]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 31st July, 2018
No. 66/2018-CUSTOMS ( N.T.)
S.O. 3762(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 so to do,
hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
(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
Tariff value
Chapter/ heading/ sub-
Sl. No. Description of goods (US $Per Metric
heading/tariff item
Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 578
2 1511 90 10 RBD Palm Oil 599
3 1511 90 90 Others – Palm Oil 589
4 1511 10 00 Crude Palmolein 610
5 1511 90 20 RBD Palmolein 613
6 1511 90 90 Others – Palmolein 612
7 1507 10 00 Crude Soya bean Oil 723
8 7404 00 22 Brass Scrap (all grades) 3752
9 1207 91 00 Poppy seeds 2349
TABLE-2
Sl. Chapter/ heading/sub- Description of goods Tariff value
No. heading/tariff item (US $)
(1) (2) (3) (4)
1 Gold, in any form, in respect of which the benefit of
entries at serial number 356 and 358 of the
71 or 98 394 per 10 grams
Notification No. 50/2017-Customs dated 30.06.2017
is availed
2 Silver, in any form, in respect of which the benefit of
entries at serial number 357 and 359 of the
71 or 98 499 per kilogram
Notification No. 50/2017-Customs dated 30.06.2017
is availed
TABLE-3
Sl. Chapter/ heading/ sub- Description of goods Tariff value
No. heading/tariff item (US $ Per Metric Tonne)
(1) (2) (3) (4)
1 080280 Areca nuts 3947”
[F. No. 467/01/2018-Cus-V]
Dr. SREEPARVATHY S.L., 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. 62/2018-Customs (N.T.), dated the 13th July, 2018,
e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 3442(E),
dated 13th July, 2018.
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.