CBEC amends tariff value of certain goods

The Dollar Business Bureau

Central Board of Excise & Customs (CBEC) on Monday revised the tariff value of certain goods including crude palm oil, RBD palm oil, palmolein, crude soya bean oil, brass scrap, gold and silver.

The tariff value of crude palm oil has been changed to $723 per metric tonne (MT), RBD palm oil ($732 per MT), and others – palm oil ($728 per MT), CBEC said in its notification no. 133/2016-customs (N.T.).

CBEC also revised the tariff value of crude palmolein ($737 per MT), RBD palmolein ($740 per MT), others – palmolein ($739 per MT), crude soya bean oil ($853 per MT), brass scrap - all grades ($2971 per MT), poppy seeds ($2533 per MT), and areca nuts ($2621 per MT).

The tariff value of gold (in any form) has been revised to $414 per 10 grams and silver (in any form) to $577 per kilogram.

The tariff value on imports is the base price at which the customs duty is calculated for preventing under-invoicing and is generally revised on fortnightly basis.

The tariff value of the given goods was last amended by CBEC on October 14, 2016 through its notification No. 126/2016-Customs (N.T.).