Tariff values for major goods revised

In a significant move to align customs duties with global market trends, the Central Board of Indirect Taxes and Customs (CBIC) has announced revised tariff values for a wide range of imported goods.

These changes will come into effect on Saturday.

The notification, which amends the one from 2001, introduces new values for commodities such as edible oils, precious metals and industrial materials. The primary goal of this revision is to prevent under-invoicing and ensure fair trade practices within India’s import-export sector.

“This is a routine adjustment that reflects the volatile nature of international commodity prices and is expected to influence the domestic pricing of these goods. The updated tariff values include several key changes across different product categories. For edible oils, the tariff value for crude palm oil has been set at $1,060 per metric tonne, with RBD palm oil and other variants also seeing new values. Crude palmolein is now valued at $1,079 per metric tonne, while crude soyabean oil has a new value of $1,146 per metric tonne,” officials said.

In the metals sector, the tariff value for brass scrap (all grades) has been set at $5,555 per metric tonne.

The value for areca nuts remains unchanged at $7,463 per metric tonne.

For precious metals, the new tariff value for gold is $1,097 per 10 g, while silver has been set at $1,257 per kg.

These changes directly impact the calculation of import duties and are part of the government’s strategy to maintain stability and transparency in the country’s trade ecosystem, an official said.