Custom Notification on Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver:

Custom Notification on Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver The Central Board of Indirect Taxes & Customs (CBIC) has revised the tariff values for some imported goods under the authority of Section 14(2) of the Customs Act, 1962. The updated rates are effective from April 16, 2025. As per the notification issued by the Ministry of Finance, (Notification No. 24/2025-CUSTOMS (N.T.)), dated April 15, 2025, under Section 14(2) of the Customs Act, 1962, the Central Board of Indirect Taxes & Customs (CBIC) is introducing changes to the earlier notification (No. 36/2001-Customs (N.T.)) issued by the Ministry of Finance (Department of Revenue) on August 3, 2001. In that notification, TABLE-1, TABLE-2, and TABLE-3  are replaced with the following new tables: Crude palm oil is now valued at USD 1153 per metric tonne, while crude soybean oil is set at USD 1098 per metric tonne. These changes are crucial for importers in the oil industry, as they directly affect these industries. On the other hand, gold is valued at USD 1032 per 10 grams, and silver at USD 1045 per kilogram when imported under the provisions of Notification No. 50/2017-Customs. Refer to the official notification for more information.