The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification revising the tariff rates of specified imported goods. The notification was issued on 31st August 2020.
By virtue of this notification, most of the tariff values of specified imported goods have increased slightly. These goods include crude palm oil, refined, bleached and deodorised (RBD) palm oil, crude palmolein, brass scrap (all grades), etc. In Table 2, gold and silver as is specified in the notification have also undergone an increase in tariff values.
However, there are some goods whose tariff values have reduced or remain unchanged. For example, crude soya bean oil whose tariff value has reduced from 846 USD per metric tone to 821 USD. The rate for poppy seeds remains unchanged (3623 USD per metric tonne)
In Table 3, the tariff value of areca nuts remains unchanged at 3720 USD per metric tonne.
