CBIC revises tariff values for key imports

The Central Board of Indirect Taxes and Customs (CBIC) revised tariff values for several critical imported commodities, including edible oils, precious metals, and industrial materials, effective Tuesday. The revised values, notified on Monday, aim to align customs duties with current global market prices, ensuring fairness and transparency in trade.

In the edible oil sector, significant adjustments have been made. Crude Palm Oil is now valued at $1,081 per metric tonne, while RBD Palm Oil is set at $1,085 per metric tonne. Crude Palmolein and RBD Palmolein are priced at $1,100 and $1,103 per metric tonne, respectively. Crude Soybean Oil has been assigned a tariff value of $1,167 per metric tonne. These updates are expected to impact food prices, given the widespread use of edible oils in India.