Ministry : Ministry of Finance (Department of Revenue)
Part II-Section 3-Sub-Section (ii)
Subject : Extra Ordinary
Overview [Customs Tariff Notification Amendment, 2024]
This gazette notification details amendments to India’s customs tariff schedules, specifically updating tariff values for palm oil, palmolein, soya bean oil, and precious metals (gold and silver). It is issued by the Central Board of Indirect Taxes and Customs under the Customs Act, 1962, and has effect from 1 January 2025.
Key Points
- Replaces Tables 1, 2, and 3 in the customs notification (S.O. 748(E) dated 3 August 2001) with updated tariff values (in US dollars per metric ton).
- Revises customs valuation for crude and refined palm oil/palmolein and crude soya bean oil.
- Updates gold and silver tariff entries, including rates per 10 grams (gold) and per kilogram (silver), with specified purity and form conditions.
- Confirms continuity of existing benefit entries (e.g., serial numbers 356 and 357 under the 2017 notification) while incorporating amendments through e-publication.
- States that the notification takes effect from 1 January 2025.
Summary
This Extraordinary Gazette notification amends India’s customs tariff schedules to update tariff values for edible oils and precious metals, effective 1 January 2025. By revising Table-1 (oils), Table-2 (gold), and Table-3 (silver), the Central Board of Indirect Taxes and Customs aligns customs valuation with current market rates, impacting import duties and compliance for relevant goods. The changes are formally integrated into the Customs (N.T.) notification framework and will be administered from the start of 2025.
