Government Revises Tariff Values for Gold, Silver, Oils, and More Imports: Effective from 15th August 2025:

Government Revises Tariff Values for Gold, Silver, Oils, and More Imports: Effective from 15th August 2025 The Ministry of Finance (Department of Revenue) has recently issued an official notification [No. 50/2025-CUSTOMS (N.T.)] dated August 14, 2025, informing that the Central Board of Indirect Taxes and Customs (CBIC) has introduced a few significant amendments to a previous government of India notification [No. 36/2001-Customs (N.T.)], dated August 03, 2001, issued by the Ministry of Finance (Department of Revenue). The notification was related to the methods and tariff values for certain imported goods. The introduced amendment in the notification is replacing the existing tariff value tables with new updated values for goods, including gold, silver, vegetable oils, brass scrap, areca nuts, etc.

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CBDT has made these amendments in exercise of its powers granted under subsection (2) of section 14 of the Customs Act, 1962 (52 of 1962). This section allows the government to set tariff values for certain goods that are imported into India. These fixed values are important to standardise customs duties and prevent tax evasion through under-invoicing. These updated tariff values are important for calculating customs duties at the time of import; instead of using the actual price shown in the invoice, customs officers will use these "tariff values" to assess duty. This amendment or notification will be made effective from 15th August 2025. Refer to the official notification to know the updated tariff values for the stated goods.