Executive Summary:
This notification from the Central Board of Excise and Customs amends notification No. 362001Customs N.T., dated August 3, 2001, regarding tariff values. It provides revised tariff values for various goods, including palm oil, palmolein, soya bean oil, brass scrap, poppy seeds, gold, silver and areca nuts. The notification was issued on December 15, 2017.
Key Points / Main Content:
Revised Tariff Values:
* Table 1 substitutes new tariff values for:
* Crude Palm Oil: US $678 per Metric Tonne
* RBD Palm Oil: US $720 per Metric Tonne
* Others Palm Oil: US $699 per Metric Tonne
* Crude Palmolein: US $724 per Metric Tonne
* RBD Palmolein: US $727 per Metric Tonne
* Others Palmolein: US $726 per Metric Tonne
* Crude Soya bean Oil: US $832 per Metric Tonne
* Brass Scrap (all grades): US $3624 per Metric Tonne
* Poppy seeds: US $2485 per Metric Tonne
* Table 2 substitutes new tariff values for:
* Gold: US $71 or 98/10 grams, benefiting from Notification No. 502017Customs dated 30.06.2017
* Silver: US $71 or 98/kilogram, benefiting from Notification No. 502017Customs dated 30.06.2017
* Table 3 substitutes new tariff values for:
* Areca nuts: US $3948 per Metric Tonne
Impact Analysis:
Importers and Exporters:
* Impact: Importers and exporters of the specified goods will be directly affected by the revised tariff values, influencing import duties and costs.
* Action Required: Need to assess the impact of the revised tariff values on their import/export costs and adjust pricing strategies accordingly.
Customs Officials:
* Impact: Customs officials are responsible for implementing and enforcing the revised tariff values.
* Action Required: Must update their systems and procedures to reflect the new tariff values for the specified goods.
Central Board of Excise and Customs:
* Impact: Responsible for monitoring the effectiveness of the revised tariff values and making any necessary adjustments.
* Action Required: Monitor the impact of the revised tariff values on trade and revenue collection.
Key Entities Referenced
Customs Act, 1962: The act of the Parliament of India to consolidate and amend the law relating to customs.
Central Board of Excise and Customs: A government agency responsible for the administration of indirect taxes in India.
Ministry of Finance: A ministry of the Government of India concerned with the economy of India, serving as the Indian Treasury.
Department of Revenue: A department under the Ministry of Finance in the Government of India.
New Delhi: Capital of India, where the notification was issued.
Notification No. 362001Customs N.T.: A notification related to customs issued by the Government of India, dated 3rd August 2001.
Notification No. 502017Customs: A notification related to customs issued by the Government of India, dated 30.06.2017.
ZUBAIR RIAZ: Director of Customs, as indicated in the document.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 15th December, 2017
No. 116/2017-CUSTOMS (N.T.)
S.O. 3895(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:—¹Hkkx IIµ[k.M 3(ii)º Hkkjr dk jkti=k % vlk/kj.k 3
“TABLE-1
Chapter/ heading/sub- Tariff value (US $Per
Sl. No. Description of goods
heading/tariff item Metric Tonne)
(1) (2) (3) (4)
1 1511 10 00 Crude Palm Oil 678
2 1511 90 10 RBD Palm Oil 720
3 1511 90 90 Others – Palm Oil 699
4 1511 10 00 Crude Palmolein 724
5 1511 90 20 RBD Palmolein 727
6 1511 90 90 Others – Palmolein 726
7 1507 10 00 Crude Soya bean Oil 832
8 7404 00 22 Brass Scrap (all grades) 3624
9 1207 91 00 Poppy seeds 2485
TABLE-2
Sl. No. Chapter/ heading/ Description of goods
Tariff value
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 356 and 358
71 or 98 403 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 98 516 per kilogram
of the Notification No. 50/2017-Customs dated
30.06.2017 is availed
TABLE-3
Sl. No. Chapter/ heading/ sub- Description of goods Tariff value
heading/tariff item (US $ Per Metric Tonne)
(1) (2) (3) (4)
1 080280 Areca nuts 3948”
[F. No. 467/01/2017 -Cus-V]
ZUBAIR RIAZ, Director (Customs)
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.
112/2017-Customs (N.T.), dated the 30th November, 2017, e-published in the Gazette of India,
Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 3779(E), dated 30th November, 2017.
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.