CBIC 2024 Changes in the Customs Tariff Values

Vaibhav Rathi

30 Mar, 2024

 This notification by the government of India was published on 29 February 2024 to bring changes in the customs tariff values or prices on various goods, calculated according to the U.S. dollar per metric tonne. This notification has highlighted the changes to be made in the earlier notification by the government of India through the Ministry of Finance, vide notification no.36/2001-Customs (N.T.) dated 3 August 2001.

Key Highlights from The Notification

Under the Customs Act, the Central Board of Indirect Taxes & Customs has amended the previous notification vide no.36/2001-customs (N.T.), dated 3 August 2001, mentioning the tariff charges on various goods and items as per the U.S. dollar per metric tonne.

This amendment is accompanied by a Table, Table 2, and Table 3, replacing the earlier tariff value of given goods and items. This table is mentioned in the notification vide notification no.16/2024- Customs (N.T.) dated 29 February 2024, which has made a column of the serial number, chapter/heading/sub-heading/tariff item, description of goods, and tariff value.

Table No.3 of the said notification has ensured that the tariff value of a goods item, areca nuts, will remain the same as per the earlier notifications, unlike the other goods mentioned in Table 1 and Table 2.

These changes in the tariff prices of goods mentioned in the notification, such as crude palm oil, RBD Palm Oil, crude Palmolein, crude soya bean oil, brass scrap, gold, etc., shall come into force from 1 March 2024.

Conclusion

However, this notification vides notification no.16/2024- Customs (N.T.) dated 29 February 2024 is nothing but an update on the changes of goods tariff value or charges on this previous customs notification published by the Government of India through a Ministry of Finance.