Date: 2014-02-28Category: Extra OrdinaryState: Union GovernmentCountry: India
The Central Board of Excise and Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Govt. of India in the Ministry of Finance (Department of Revenue), No. 36-2001-Customs (N.T.), dated the 3rd August, 2001.
Executive Summary:
This notification issued by the Central Board of Excise and Customs amends Notification No. 36/2001-Customs N.T., dated August 3, 2001, by substituting existing tables with revised tariff values for various goods. The changes are effective as of February 28, 2014. This notification is issued under Section 14(2) of the Customs Act, 1962.
Key Points / Main Content:
Revised Tariff Values:
- Table 1: Specifies tariff values for goods including crude palm oil (USD 914/MT), RBD palm oil (USD 957/MT), other palm oil (USD 936/MT), crude palmolein (USD 964/MT), RBD palmolein (USD 967/MT), other palmolein (USD 966/MT), crude soybean oil (USD 972/MT), brass scrap (USD 3924/MT) and poppy seeds (USD 3195/MT).
- Table 2: Specifies tariff values for gold (USD 433/10 grams) and silver (USD 699/kilogram) under specified conditions of Notification No. 12/2012-Customs, dated March 17, 2012.
- Table 3: Specifies the tariff value for areca nuts (USD 1872/MT).
Impact Analysis:
Stakeholders:
- Importers:
Impact: Importers of goods listed in Tables 1, 2, and 3 will be subject to the revised tariff values.
Action Required: Importers need to ensure that import transactions from February 28, 2014, onwards are compliant with the new tariff values for customs duty calculations.
- Customs Authorities:
Impact: Customs officials are required to implement the revised tariff values for assessment and collection of customs duties.
Action Required: Customs authorities must update their systems and procedures to reflect the new tariff values and ensure correct application during customs clearance.
Key Entities Referenced
Central Board of Excise and Customs: A government organization responsible for the formulation of policy concerning levy and collection of customs duties.
Customs Act, 1962: An act of the Parliament of India to consolidate and amend the law relating to customs.
Notification No. 362001Customs N.T., dated the 3rd August, 2001: A notification issued by the Ministry of Finance, Department of Revenue, related to customs regulations.
New Delhi: The location where the notification was issued. New Delhi, Delhi
Ministry of Finance: The government ministry responsible for the finances of the India.
Department of Revenue: A department within the Ministry of Finance, Government of India.
Notification No. 122012Customs, dated 1732012: A notification related to customs regulations, specifically referenced in relation to gold and silver.
Notification No. 112014Customs N.T., dated the 14th February, 2014: A notification which amends the principal notification No. 362001Customs N.T.
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MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF EXCISE AND CUSTOMS)
NOTIFICATION
New Delhi, the 28th February, 2014
No. 14/2014-CUSTOMS (N.T.)
S.O. 598(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 and 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 II—[kMa 3(ii)] Hkkjr dk jkti=k % vlk/kj.k 3
“TABLE-1
Sl. No. Chapter/heading/sub- Description of goods Tariff value US $
heading/tariff item (Per Metric Tonne)
(1) (2) (3) (4)
1. 1511 10 00 Crude Palm Oil 914
2. 1511 90 10 RBD Palm Oil 957
3. 1511 90 90 Others—Palm Oil 936
4. 1511 10 00 Crude Palmolein 964
5. 1511 90 20 RBD Palmolein 967
6. 1511 90 90 Others—Palmolein 966
7. 1507 10 00 Crude Soyabean Oil 972
8. 7404 00 22 Brass Scrap (all grades) 3924
9. 1207 91 00 Poppy Seeds 3195
TABLE-2
Sl. No. Chapter/heading/sub- Description of goods Tariff value
heading/tariff item (US $)
(1) (2) (3) (4)
1. 71 or 98 Gold, in any form, in respect of which the benefit of 433 per 10 grams
entries at serial numbers 321 and 323 of the Notification
No. 12/2012-Customs, dated 17-3-2012 is availed
2. 71 or 98 Silver, in any form, in respect of which the benefit of 699 per kilogram
entries at serial numbers 322 and 324 of the Notification
No. 12/2012-Customs, dated 17-3-2012 is availed
TABLE-3
Sl. No. Chapter/heading/sub- Description of goods Tariff value
heading/tariff item (US $ per Metric Tons)
(1) (2) (3) (4)
1. 080280 Areca nuts 1872 ”
[F. No. 467/01/2014-Cus.- 5]
R. P. SINGH, Director
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. 11/2014-Customs (N.T.), dated the
14th February, 2014, published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (ii), vide
number S.O. 403(E), dated the 14th February, 2014.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.