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Core Purpose

The Central Board of Indirect Taxes and Customs revises tariff values for crude and refined palm oil, palmolein, soya bean oil, brass scrap, gold, silver and areca nuts effective 14th November 2024.

Detailed Summary

Notification No. 79/2024-Customs (N.T.), S.O. 4919(E), dated 13th November 2024, is issued by the Central Board of Indirect Taxes and Customs, Ministry of Finance (Department of Revenue), under sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962). It amends the principal notification No. 36/2001-Customs (N.T.) dated 3rd August 2001 (S.O. 748(E)), as last amended by Notification No. 77/2024-Customs (N.T.) dated 12th November 2024 (S.O. 4906(E)), by substituting Tables 1, 2 and 3 fixing tariff values. Table-1 sets values (US$ per metric tonne, all unchanged from the prior notification): Crude Palm Oil 1046, RBD Palm Oil 1058, other Palm Oil 1052, Crude Palmolein 1063, RBD Palmolein 1066, other Palmolein 1065, Crude Soya bean Oil 1057, and Brass Scrap (all grades) 5463. Table-2 sets Gold (entry 356 of Notification No. 50/2017-Customs dated 30.06.2017) at $845 per 10 grams (unchanged) and Silver (entry 357, and other silver forms under Chapter 71) at $989 per kilogram. Table-3 sets Areca nuts at $6552 per metric tonne, unchanged. The amendment takes effect from 14th November 2024. It is issued under File No. 467/01/2024-Cus.V and signed by Megha Bansal, Under Secretary.

Full Text

CG-DL-E-13112024-258640 EXTRAORDINARY PART II—Section 3—Sub-section (ii) 7348 GI/2024 (1) MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NOTIFICATION New Delhi, the 13th November, 2024 No. 79/2024-CUSTOMS (N.T.) S.O. 4919(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 to do so, 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 | Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $Per Metric Tonne) | |---|---|---|---| | (1) | (2) | (3) | (4) | | 1 | 1511 10 00 | Crude Palm Oil | 1046 (i.e., no change) | | 2 | 1511 90 10 | RBD Palm Oil | 1058 (i.e., no change) | | 3 | 1511 90 90 | Others – Palm Oil | 1052 (i.e., no change) | | 4 | 1511 10 00 | Crude Palmolein | 1063 (i.e., no change) | | 5 | 1511 90 20 | RBD Palmolein | 1066 (i.e., no change) | | 6 | 1511 90 90 | Others – Palmolein | 1065 (i.e., no change) | | 7 | 1507 10 00 | Crude Soya bean Oil | 1057 (i.e., no change) | | 8 | 7404 00 22 | Brass Scrap (all grades) | 5463 (i.e., no change) | TABLE-2 | Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $) | |---|---|---|---| | (1) | (2) | (3) | (4) | | 1. | 71 or 98 | Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed | 845 per 10 grams (i.e., no change) | | 2. | 71 or 98 | Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed | 989 per kilogram | | 3. | 71 | (i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi- manufactured forms of silver falling under sub-heading 7106 92; (ii) Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage. Explanation. - For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver. | 989 per kilogram | | 4. | 71 | (i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units; (ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage. Explanation.-For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place. | 845 per 10 grams (i.e., no change) | TABLE-3 | Sl. No. | Chapter/ heading/ sub- heading/tariff item | Description of goods | Tariff value (US $ Per Metric Ton) | |---|---|---|---| | (1) | (2) | (3) | (4) | | 1 | 080280 | Areca nuts | 6552 (i.e., no change)” | 2. This notification shall come into force with effect from the 14th day of November, 2024. [F. No. 467/01/2024-Cus.V] MEGHA BANSAL, 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. 77/2024-Customs (N.T.), dated the 12th November 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4906 (E), dated 12th November 2024. and Published by the Controller of Publications, Delhi-110054. SARVESH KUMAR SRIVASTAVA SRIVASTAVA Date: 2024.11.13 22:33:42 +05'30'

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