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of <h1>New Tariff Values Set for Palm Oil, Gold, Silver, and More Under Customs Act, 1962 Starting July 1, 2023.</h1> The Central Board of Indirect Taxes & Customs has issued Notification No. 47/2023, amending the tariff values for various commodities under the Customs Act, 1962. Effective from July 1, 2023, the revised tariff values are set for items such as crude palm oil, RBD palm oil, crude soya bean oil, brass scrap, gold, silver, and areca nuts. For instance, crude palm oil is valued at $855 per metric tonne, gold at $612 per 10 grams, and silver at $740 per kilogram. This notification updates previous amendments and aims to regulate the import valuation of these goods.
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