The Central Board of Indirect Taxes & Customs (CBIC) has issued a notification revising the tariff rates of specified imported goods. The notification was issued on 28th February, 2023.
These rates had last been revised on 15th February, 2013. By virtue of the present notification, most of the tariff values of specified imported goods have increased slightly. These goods include crude palm oil, refined, bleached and deodorised (RBD) palm oil, crude palmolein, etc.
However rates of Brass Scrap (all grades) have fallen from 5339 to 5181.
In Table 2, gold and silver as is specified in the notification have also generally undergone an increase in tariff values. However, tariffs for the following have undergone a decrease from 600 per 10 grams to 586 per 10 grams:
(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
In Table 3, the tariff value of areca nuts remains unchanged at 3720 USD per metric tonne.