Finance Ministry updates Customs Tariff Values for Palm Oil, Soya Bean Oil, Gold, Silver, and Areca Nuts

The Central Board of Indirect Taxes and Customs (CBIC) has updated the customs tariff values for various commodities, including crude palm oil, RBD palm oil, crude soybean oil, brass scrap, gold, silver, and areca nuts. Effective from October 16, 2024, these changes are outlined in Notification No. 66/2024-Customs (N.T.). The tariff value for crude palm oil is set at USD 1008 per metric tonne, while RBD palmolein is USD 1027 per metric tonne. Gold’s tariff value is USD 855 per 10 grams, and silver is USD 1016 per kilogram. The adjustments aim to align the valuation of imported goods with current market trends. The notification also includes updates for other palm oils and brass scrap. These revisions are part of CBIC’s regulatory functions under Section 14 of the Customs Act, 1962, ensuring that the tariff values reflect the prevailing market conditions and provide a consistent basis for customs valuation.