Executive Summary:
This notification from the Ministry of Finance, Department of Revenue, amends notification No. 362001-Customs (N.T.), dated August 3, 2001, regarding tariff values. The amendment, effective April 27, 2018, substitutes new tables specifying tariff values for various goods. It is issued under Section 14(2) of the Customs Act, 1962.
Key Points / Main Content:
Amended Tariff Values:
* **Table 1:** Specifies tariff values for various types of Palm Oil and Palmolein, Crude Soya bean Oil, Brass Scrap, and Poppy Seeds, expressed in US dollars per metric tonne.
* **Table 2:** Specifies 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. 50/2017-Customs dated 30.06.2017 is availed, expressed in US dollars per 10 grams for Gold and per kilogram for Silver.
* **Table 3:** Specifies the tariff value for Areca nuts, expressed in US dollars per metric tonne.
Impact Analysis:
Businesses Importing/Exporting Goods:
Impact: Businesses importing or exporting goods listed in the updated tables will be subject to the revised tariff values.
Action Required: Businesses need to review the new tariff values and adjust their costing and pricing strategies accordingly to ensure compliance.
Customs Authorities:
Impact: Customs authorities are required to implement the revised tariff values for the specified goods.
Action Required: Update systems and procedures to reflect the new tariff values for assessment and collection of duties.
Key Entities Referenced
Customs Act, 1962: A law of India, specifically section 14, subsection 2, which confers powers related to customs duties.
Central Board of Indirect Taxes and Customs: An organization under the Department of Revenue, Ministry of Finance, responsible for customs and indirect taxes administration in India.
Ministry of Finance: A ministry of the Government of India responsible for financial matters.
Department of Revenue: A department under the Ministry of Finance, Government of India.
New Delhi: The capital of India and the location of the notification's issuance.
Crude Palm Oil: A commodity whose tariff value is being defined.
RBD Palm Oil: A commodity whose tariff value is being defined.
Notification No. 502017Customs: A customs notification with date 30.06.2017, which grants benefit of entries at serial number 356 and 358 to Gold and serial number 357 and 359 to Silver.
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2422 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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[फा. स.ं 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 27th April, 2018
S.O. 1779(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 amendment 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
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 671
2 1511 90 10 RBD Palm Oil 686
3 1511 90 90 Others – Palm Oil 679
4 1511 10 00 Crude Palmolein 691
5 1511 90 20 RBD Palmolein 694
6 1511 90 90 Others – Palmolein 693
7 1507 10 00 Crude Soya bean Oil 824
8 7404 00 22 Brass Scrap (all grades) 4125
9 1207 91 00 Poppy seeds 2485
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 98 425 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 98 534 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 3946”
[F. No. 467/01/2018-Cus-V]
B. KONTHOUJAM., Under Secy.4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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. 32/2018-Customs
(N.T.), dated the 13th April, 2018, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-
section (ii), vide number S. O. 1598(E), dated 13th April, 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.