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. It specifies revised tariff values for various goods, including palm oil, palmolein, soya bean oil, brass scrap, poppy seeds, gold, silver and areca nuts, effective June 29, 2018. The changes are made under the authority of Section 14 of the Customs Act, 1962.
Key Points / Main Content:
Revised Tariff Values:
* Table 1 provides tariff values in US dollars per metric tonne for:
* Crude Palm Oil: 618
* RBD Palm Oil: 634
* Others Palm Oil: 626
* Crude Palmolein: 643
* RBD Palmolein: 646
* Others Palmolein: 645
* Crude Soya bean Oil: 750
* Brass Scrap (all grades): 3670
* Poppy seeds: 2531
* Table 2 provides tariff values in US dollars for:
* Gold (benefit of entries 356 & 358 of Notification No. 50/2017-Customs dated 30.06.2017): 403 per 10 grams
* Silver (benefit of entries 357 & 359 of Notification No. 50/2017-Customs dated 30.06.2017): 519 per kilogram
* Table 3 provides tariff values in US dollars per metric tonne for:
* Areca nuts: 3947
Impact Analysis:
Importers and Exporters:
Impact: Importers and exporters of the specified goods will be directly affected by the revised tariff values, which will influence the cost of imports and exports.
Action Required: Need to factor in the updated tariff values when assessing the financial implications of their trade activities.
Customs Authorities:
Impact: Customs authorities are responsible for implementing and enforcing the revised tariff values.
Action Required: Update their systems and procedures to reflect the new tariff values for the specified goods.
Central Board of Indirect Taxes and Customs (CBIC):
Impact: The CBIC is responsible for overseeing the implementation of these changes.
Action Required: Ensure effective communication and compliance with the new notification across all relevant departments.
Key Entities Referenced
Central Board of Indirect Taxes and Customs: A government organization responsible for the administration of indirect taxes and customs duties in India.
Customs Act, 1962: An act of the Parliament of India that governs customs laws and regulations.
Ministry of Finance, Department of Revenue: A ministry within the Government of India responsible for financial matters and revenue collection.
New Delhi: The capital of India, where the notification was issued.
Gazette of India: A public journal and an authorized legal document of the Government of India, published weekly by the Department of Publication.
Crude Palm Oil: A type of palm oil that is in crude or unprocessed form. It has a tariff value of 618 US per metric tonne.
RBD Palm Oil: Refined, bleached and deodorized palm oil, it has a tariff value of 634 US per metric tonne.
Notification No. 50/2017-Customs: A notification related to customs regulations, dated 30th June 2017.
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3652 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 29th June, 2018
No. 58/2018-CUSTOMS (N.T.)
S.O. 3148(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 618
2 1511 90 10 RBD Palm Oil 634
3 1511 90 90 Others – Palm Oil 626
4 1511 10 00 Crude Palmolein 643
5 1511 90 20 RBD Palmolein 646
6 1511 90 90 Others – Palmolein 645
7 1507 10 00 Crude Soya bean Oil 750
8 7404 00 22 Brass Scrap (all grades) 3670
9 1207 91 00 Poppy seeds 2531
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 98 403 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 98 519 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.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. 53/2018-Customs (N.T.), dated the 14th June, 2018,
e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 2425(E),
dated 14th June, 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.