Indian government lowers import tariff value on gold, silver, veg oil

The Dollar Business Bureau | @TheDollarBiz

The Indian government has lowered the import tariff value on gold, silver, brass and vegetable oils, with effect from November 1, 2014.

Import tariff value on gold now stands at $391 per 10 grams, while the import tariff value on crude palm oil has been revised to $704 per metric tonne, which is down about 5% from $743 per metric tonne fixed at the end of August 2014.

Details of changes in import tariff value as notified by the Central Board of Excise and Customs (CBEC) follow:

The government uses the import tariff value as the base price to determine the Customs duty on products to prevent under-invoicing.

This article was published on November 3, 2014.