Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
News

Home News News and Press Release Month 5 2020 2020 (5) This

Tariff Notification No. 48/2020-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver

29-5-2020
  • Contents

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 so to do, 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

550

2

1511 90 10

RBD Palm Oil

560

3

1511 90 90

Others – Palm Oil

555

4

1511 10 00

Crude Palmolein

568

5

1511 90 20

RBD Palmolein

571

6

1511 90 90

Others – Palmolein

570

7

1507 10 00

Crude Soya bean Oil

666

8

7404 00 22

Brass Scrap (all grades)

3071

9

1207 91 00

Poppy seeds

3623

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

553 per 10 grams

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

559 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.

559 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.

553 per 10 grams

TABLE-3

 

Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value

(US $ Per Metric Tonne)

(1)

(2)

(3)

(4)

1

080280

Areca nuts

3752”

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. 45/2020-Customs (N.T.), dated the 19th May, 2020, e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1520 (E), dated 19th May, 2020.

Quick Updates:Latest Updates