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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS) NotificationNo. 112/2020-Customs (N.T.) New Delhi, the 15th December, 2020 S.O. 4538(E). -In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Mi
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FAQ :
This notification from the CBIC amends the fixed tariff values for specific goods, which are used for customs valuation purposes.
The notification covers Crude Palm Oil, RBD Palm Oil, other Palm Oil varieties, and Crude Soya bean Oil.
The tariff value for gold is set at US $589 per 10 grams, and for silver, it is US $769 per kilogram, with specific conditions for different forms and benefits availed.
Yes, the notification specifies a tariff value for Brass Scrap (all grades) at US $4413 per metric tonne.
Yes, the tariff values for Areca nuts (US $3695 per metric tonne) and Poppy seeds (US $3623 per metric tonne) have been revised.
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Source : https://www.cbic.gov.in/resources//htdocs-cbec/customs/cs-act/notifications/notfns-2020/cs-nt2020/csnt112-2020.pdf;jsessionid=5DFEB301E81220A2618D4E8AC3651508