Finance Ministry revises Customs Tariff Value for Edible oils, Brass Scrap, Gold and Silver

The Central Board of Indirect Taxes & Customs (CBIC), under the Ministry of Finance, issued notification no. 46/2024-CUSTOMS (N.T.) on June 28, 2024, amending the tariff values of crude palm oil, gold, silver, and areca nuts, effective from June 29, 2024. This notification supersedes no. 43/2024-CUSTOMS (N.T.). The tariff values for various types of palm oil and soya bean oil have been adjusted. The tariff value for areca nuts remains unchanged at $6242 per metric tonne. The notification provides detailed tariff values in new tables, specifying values for crude and refined palm oils, crude soya bean oil, brass scrap, gold, and silver in different forms. For instance, crude palm oil is set at $931 per metric tonne, and gold bars at $748 per 10 grams.