CBIC Promulgates Updated Customs Tariff Valuations for Bullion, Edible Oils, and Specified Commodities via Notification No. 35/2026

The Central Board of Indirect Taxes and Customs (CBIC) has officially released Notification No. 35/2026-Customs (N.T.) on the 2nd of April, 2026, introducing crucial updates to the standard tariff values applicable to a specific roster of imported goods. By invoking its statutory powers, the regulatory authority has substituted the existing valuation tables embedded within the principal Notification No. 36/2001-Customs (N.T.). This regulatory adjustment establishes the foundational base prices upon which customs duties will be computed for high-volume import commodities, including various grades of palm oil, soybean oil, brass scrap, precious metals like gold and silver, and areca nuts.

For the importing assessee, staying abreast of these periodic tariff value adjustments is non-negotiable. The newly mandated valuations take legal effect starting from the 3rd of April, 2026. Interestingly, while the notification formally substitutes the valuation tables, the actual monetary metrics for critical items—such as gold pegged at USD 1526 per 10 grams and silver at USD 2427 per kilogram—have been retained without alteration, thereby offering a degree of predictability to the market.

The Statutory Framework: Decoding Tariff Values

Before delving into the specific commodity rates, it is imperative to understand the legal mechanism that empowers the CBIC to dictate import valuations. Under standard customs procedures, the duty payable by an assessee is typically calculated based on the actual transaction value of the imported goods. However, the law provides a specific override mechanism to curb under-invoicing and revenue leakage in highly volatile or heavily traded commodities.

The Power to Fix Valuations

The statutory authority for this notification stems directly from Section 14(2) of the Customs Act 1962.

This specific legal provision grants the Central Board of Indirect Taxes & Customs the prerogative to fix standard tariff values for any class of imported or export goods. When the Board issues a notification under Section 14(2), the declared transaction value on the commercial invoice is legally bypassed for the purpose of duty calculation. Instead, the customs duty is assessed strictly against the tariff value published in the official gazette.