Executive Summary:
This notification, No. 92/2018-Customs (N.T.), issued on November 15, 2018, amends Notification No. 36/2001-Customs (N.T.) to revise tariff values for various goods. It substitutes Tables 1, 2, and 3 of the original notification with updated values for items including palm oil, palmolein, soya bean oil, brass scrap, poppy seeds, gold, silver and areca nuts. The changes are effective from the date of the notification.
Key Points / Main Content:
Tariff Value Amendments:
* Table 1 substitutes tariff values for Palm Oil, Palmolein, and Soya bean Oil.
* Crude Palm Oil: US$509 per metric tonne
* RBD Palm Oil: US$550 per metric tonne
* Others Palm Oil: US$530 per metric tonne
* Crude Palmolein: US$566 per metric tonne
* RBD Palmolein: US$569 per metric tonne
* Others Palmolein: US$568 per metric tonne
* Crude Soya bean Oil: US$717 per metric tonne
* Brass Scrap (all grades): US$3618 per metric tonne
* Poppy seeds: US$2076 per metric tonne
* Table 2 substitutes tariff values for Gold and Silver.
* Gold (benefit of entries 356 & 358 of Notification No. 50/2017-Customs, dated 30.06.2017): US$387 per 10 grams
* Silver (benefit of entries 357 & 359 of Notification No. 50/2017-Customs, dated 30.06.2017): US$451 per kilogram
* Table 3 substitutes tariff values for Areca nuts.
* Areca nuts: US$3947 per metric tonne
Impact Analysis:
Importers:
* Impact: Importers of goods listed in Tables 1, 2, and 3 will be subject to revised tariff values, potentially affecting import duties and costs.
* Action Required: Review import costs based on the new tariff values and adjust pricing/sourcing strategies accordingly.
Customs Authorities:
* Impact: Customs officials must use the updated tariff values for assessment and collection of customs duties.
* Action Required: Implement the new tariff values in customs clearance procedures.
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 responsible for the formulation of policy concerning levy and collection of customs duties, central excise duties, and service tax.
New Delhi: The capital of India where the notification was issued.
Ministry of Finance, Department of Revenue: The ministry and department under which the notification is issued.
Notification No. 36/2001-Customs N.T.: A notification related to customs, dated August 3, 2001, which is being amended by this notification.
Gazette of India: An official government publication where notifications, rules, and regulations are published.
Palm Oil: A type of vegetable oil mentioned in the tariff value table.
Notification No. 50/2017-Customs: A notification related to customs, dated 30.06.2017, regarding gold and silver, which is being referenced in this notification.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 15th November, 2018
No. 92/2018-Customs (N.T.)
S.O. 5743(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, 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 509
2 1511 90 10 RBD Palm Oil 550
3 1511 90 90 Others – Palm Oil 530
4 1511 10 00 Crude Palmolein 566
5 1511 90 20 RBD Palmolein 569
6 1511 90 90 Others – Palmolein 568
7 1507 10 00 Crude Soya bean Oil 717
8 7404 00 22 Brass Scrap (all grades) 3618
9 1207 91 00 Poppy seeds 2076
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 98 387 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 98 451 per kilogram
Notification No. 50/2017-Customs dated 30.06.2017
is availed4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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. 89/2018-Customs (N.T.), dated the 31st October, 2018, e-
published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 5601(E), dated
31st October, 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.