IMPORTANT! Fixation of tariff value of edible oils, brass scrap, areca nut, gold and silver - Check full list here

There have been some amendments in respect of the fixation of tariff value of edible oils, brass scrap, areca nut, gold and silver. The Central Board of Indirect Tax and Customs being satisfied by the fact that it is necessary to do so, have made certain amendments.

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Now, according to the release issued by the Ministry of Finance, as per the amendments, the tariff value for the various commodities are as follows:

Crude Palm Oil - $1036 per metric tonne

RBD Palm Oil - $1059 per metric tonne

Others – Palm Oil - $1048 per metric  tonne

Crude Palmolein - $1065 per metric tonne

RBD Palmolein - $1068 per metric tonne

Others – Palmolein - $1067 per metric tonne

Crude Soya bean Oil - $1246 per metric tonne

Brass Scrap (all grades) - $5549 per metric tonne

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) - $566 per 10 gms

Gold bars (other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units) - $566 per 10 gms

It has to be noted that gold coins having gold content not below 99.5 per cent and gold findings, other than imports of such goods through post, courier or baggage. 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.

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) - $836 per kg

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) - $836 per kg

It has to be noted that medallions and silver coins having silver content not below 99.9 per cent or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage. 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.

Areca nuts - $4904 per metric tonne

One must note that this notification will come into effect from July 1, 2021.