CBIC Notifies Fresh Tariff Values for Gold, Silver, Edible Oils, and Brass Scrap via Notification No. 32/2026-Customs (N.T.)

Overview of the Notification

The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 32/2026-Customs (N.T.), dated March 30, 2026, under the authority vested by Section 14(2) of the Customs Act, 1962, revising the tariff values applicable to a specified set of imported commodities. These revised values come into force with effect from March 31, 2026, and form the basis for customs duty computation on the covered goods.

This notification amends the earlier Notification No. 36/2001-Customs (N.T.) dated August 3, 2001, which established the original framework for periodic tariff value fixation. Such revisions are carried out routinely to ensure that customs valuations remain in step with prevailing international market benchmarks, thereby minimizing the risk of under-invoicing and preserving the integrity of government revenue.

Section 14(2) of the Customs Act, 1962 empowers CBIC to fix tariff values for specific categories of imported goods. Once notified, these values — rather than the transaction value declared by the importer — serve as the base for calculating applicable customs duties on the listed commodities.

The mechanism of tariff value fixation is a critical tool in customs administration. It insulates revenue collection from deliberate or incidental mispricing by importers and provides a standardized, transparent benchmark aligned with global commodity prices. Revisions are made periodically — typically fortnightly — reflecting changes in international market rates for the concerned goods.

The principal notification was last amended via Notification No. 28/2026-Customs (N.T.) dated March 20, 2026, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 1479 (E), dated March 20, 2026.

Revised Tariff Values: Commodity-Wise Breakdown

TABLE-1: Edible Oils and Brass Scrap

The following tariff values (denominated in USD per Metric Tonne) have been prescribed for edible oils and brass scrap: