Home India Ministry of Finance In exercise of the powers conferred by sub section 2 of sect...
Date: 2019-04-30 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

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Central Board of Indirect Taxes and Customs amends notification No. 362001-Customs N.T., dated August 3, 2001, regarding tariff values. It substitutes new tables specifying tariff values for various goods, including palm oil, palmolein, soya bean oil, brass scrap, poppy seeds, gold, silver and areca nuts. The notification is effective as of April 30, 2019. Key Points / Main Content: Amended Notification: * Notification No. 362001-Customs N.T., dated August 3, 2001, is amended. Revised Tariff Values: * TABLE 1: Specifies tariff values (US$ per Metric Tonne) for: * Crude Palm Oil: 545 * RBD Palm Oil: 577 * Others Palm Oil: 561 * Crude Palmolein: 579 * RBD Palmolein: 582 * Others Palmolein: 581 * Crude Soya bean Oil: 696 * Brass Scrap (all grades): 3686 * Poppy seeds: 3441 * TABLE 2: Specifies tariff values for: * Gold: 412 (US$ per 10 grams) - benefit of Notification No. 502017-Customs dated 30.06.2017 is availed * Silver: 483 (US$ per kilogram) - benefit of Notification No. 502017-Customs dated 30.06.2017 is availed * TABLE 3: Specifies tariff values (US$ per Metric Tonne) for: * Areca nuts: 3932 Impact Analysis: Importers and Exporters: * Impact: Changes in tariff values will affect the cost of importing and exporting goods listed in the tables. * Action Required: Need to factor in the revised tariff values when importing/exporting listed goods. Customs Officials: * Impact: Required to use the new tariff values for assessment and collection of customs duties. * Action Required: Implement the new tariff values as specified in the updated tables. Gold and Silver Dealers: * Impact: Changes in tariff values will affect the cost of importing gold and silver when availing the benefit of Notification No. 50/2017-Customs dated 30.06.2017. * Action Required: Need to factor in the revised tariff values when importing gold and silver and availing the benefit of Notification No. 50/2017-Customs dated 30.06.2017.

Key Entities Referenced

Customs Act, 1962: An act of the Parliament of India to consolidate and amend the law relating to customs. Central Board of Indirect Taxes and Customs: A government agency in India responsible for the formulation of policy concerning levy and collection of customs duties, central excise duties, and service tax. Ministry of Finance, Department of Revenue: A department of the Government of India responsible for matters concerning revenue. New Delhi: The capital of India, where the notification was issued. Notification No. 362001Customs N.T.: A notification issued by the Government of India in the Ministry of Finance, Department of Revenue, related to customs. Notification No. 502017Customs: A notification related to customs, referenced for entries at serial number 356, 358, 357 and 359. Gunjan Kumar Verma: Under Secretary in the Ministry of Finance, Department of Revenue, who signed the notification. Crude Palm Oil: A type of palm oil, specifically mentioned with its tariff item and value.
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S.O. 1668(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 Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001,¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3 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 (US Sl. No. Description of goods heading/tariff item $Per Metric Tonne) (1) (2) (3) (4) 1 1511 10 00 Crude Palm Oil 545 2 1511 90 10 RBD Palm Oil 577 3 1511 90 90 Others – Palm Oil 561 4 1511 10 00 Crude Palmolein 579 5 1511 90 20 RBD Palmolein 582 6 1511 90 90 Others – Palmolein 581 7 1507 10 00 Crude Soya bean Oil 696 8 7404 00 22 Brass Scrap (all grades) 3686 9 1207 91 00 Poppy seeds 3441 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 71 or 98 412 per 10 grams of the 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 71 or 98 483 per kilogram of the 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 3932” [F. No. 467/01/2019-Cus-V] GUNJAN KUMAR VERMA, 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. 31/2019-Customs (N.T.), dated the 15th April, 2019, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 1594(E), dated 15th April, 2019. 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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