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 substitutes the existing tables with updated 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 29, 2016.
Key Points / Main Content:
Amended Tariff Values:
* Table 1 provides the updated tariff values (US$ per Metric Tonne) for:
* Crude Palm Oil: 755
* RBD Palm Oil: 788
* Others Palm Oil: 772
* Crude Palmolein: 792
* RBD Palmolein: 795
* Others Palmolein: 794
* Crude Soya bean Oil: 805
* Brass Scrap (all grades): 2969
* Poppy seeds: 2533
* Table 2 provides the updated tariff values for:
* Gold: 408 (per 10 grams) when availing benefit of Notification No. 12/2012-Customs dated 17.03.2012 entries at serial number 321 and 323
* Silver: 566 (per kilogram) when availing benefit of Notification No. 12/2012-Customs dated 17.03.2012 entries at serial number 322 and 324
* Table 3 provides the updated tariff values (US$ per Metric Tonne) for:
* Areca nuts: 2617
Impact Analysis:
Customs Officials:
* Impact: Required to use the revised tariff values for assessment and collection of customs duties.
* Action Required: Implement the new tariff values as specified in Tables 1, 2, and 3.
Importers and Exporters:
* Impact: Changes in the assessable value of imported/exported goods, potentially affecting duty payable/receivable.
* Action Required: Review the updated tariff values and adjust import/export pricing and costing accordingly.
Central Board of Excise and Customs:
* Impact: Responsible for ensuring the correct implementation of the revised tariff values across all customs locations.
* Action Required: Disseminate the notification to all relevant departments and provide necessary guidance for implementation.
Key Entities Referenced
Customs Act, 1962: An act of the Indian Parliament related to customs and excise duties, referenced as the legal basis for the notification.
Central Board of Excise and Customs: A government agency responsible for the administration of excise and customs duties, now known as Central Board of Indirect Taxes and Customs (CBIC).
Ministry of Finance: A ministry of the Government of India responsible for financial matters.
Department of Revenue: A department within the Ministry of Finance, Government of India.
New Delhi: The capital of India, where the notification was issued.
Crude Palm Oil: A type of palm oil mentioned in the notification's table.
RBD Palm Oil: Refined, bleached, and deodorized palm oil, mentioned in the notification's table.
Poppy seeds: An agricultural commodity listed with a tariff value in TABLE2.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 29th April, 2016
No. 60 /2016-CUSTOMS (N. T.)
S.O. 1588(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 Excise & 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
Chapter/ heading/ sub- Tariff value
Sl. No. Description of goods
heading/tariff item (US $Per Metric Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 755
2 1511 90 10 RBD Palm Oil 788
3 1511 90 90 Others – Palm Oil 772
4 1511 10 00 Crude Palmolein 792
5 1511 90 20 RBD Palmolein 795
6 1511 90 90 Others – Palmolein 794
7 1507 10 00 Crude Soya bean Oil 805
8 7404 00 22 Brass Scrap (all grades) 2969
9 1207 91 00 Poppy seeds 2533
TABLE-2
Sl. Chapter/ heading/ Description of goods
Tariff value
No. sub-heading/tariff
(US $)
item
(1) (2) (3) (4)
1 Gold, in any form, in respect of which the
benefit of entries at serial number 321 and 323
71 or 98 408 per 10 grams
of the Notification No. 12/2012-Customs
dated 17.03.2012 is availed
2 Silver, in any form, in respect of which the
benefit of entries at serial number 322 and 324
71 or 98 566 per kilogram
of the Notification No. 12/2012-Customs
dated 17.03.2012 is availed4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
TABLE-3
Sl. Chapter/ heading/ Description of goods Tariff value
No. sub-heading/tariff
item (US $ Per Metric Tonne )
(1) (2) (3) (4)
1 080280 Areca nuts 2617”
[F. No. 467/01/2016 -Cus-V]
KSHITENDRA 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.
54/2016-Customs (N.T.), dated the 13th April, 2016, e-published in the Gazette of India,
Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O.1425(E), dated 13th April, 2016.
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.