15 July 2024

In New Delhi, July 15, 2024, the Ministry of Finance, Department of Revenue, Government of India, has issued Notification No. 49/2024-CUSTOMS (N.T.), amending the tariff values under the Customs Act, 1962. The notification, effective from July 16, 2024, introduces revised tariff values for specified goods, replacing previous tables outlined in Notification No. 36/2001-Customs (N.T.), dated August 3, 2001.

Key Changes:

• Tables Substituted: The latest notification replaces TABLE-1, TABLE-2, and TABLE-3 of the previous notification with updated tables detailing tariff values for different categories of goods.
• Categories of Goods Affected:
• TABLE-1: Includes tariff values for oils such as Crude Palm Oil, RBD Palm Oil, Crude Palmolein, and others.
• TABLE-2: Specifies tariff values for precious metals like Gold and Silver, categorized based on purity and form.
• TABLE-3: Provides tariff values for Areca nuts.

Administrative Context:

Megha Bansal, Under Secretary to the Government of India, Ministry of Finance, Department of Revenue, signed the notification, emphasizing its importance in maintaining clarity and consistency in customs duty assessments. The amendment comes after the last revision on June 28, 2024, through Notification No. 46/2024-Customs (N.T.). The notification, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), ensures transparency and adherence to legal requirements concerning customs duties on imported goods. It is intended to facilitate smoother trade operations while aligning with global economic trends.