CBIC Revises Customs Tariff Values for Gold, Silver, Edible Oils, Brass Scrap and Areca Nuts — Effective 1st August 2026
The Central Board of Indirect Taxes and Customs (CBIC) has issued a fresh set of revised tariff values for several key imported commodities including gold, silver, edible oils, brass scrap, and areca nuts. These revisions have been brought into effect through Notification No. 68/2026-Customs (N.T.) dated 31st July 2026, which amends the long-standing base notification under the Customs Act, 1962.
Legal Basis for the Revision
The revision draws authority from sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), which empowers the CBIC to fix tariff values for specific categories of imported goods. The amended notification modifies Notification No. 36/2001-Customs (N.T.) dated 3rd August 2001, originally published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide S.O. 748(E).
The parent notification had most recently been amended through Notification No. 63/2026-Customs (N.T.) dated 15th July 2026, published as S.O. 3888(E) in the Gazette of India. The present notification substitutes TABLE-1, TABLE-2, and TABLE-3 in their entirety with updated values.
Important: All revised tariff values under Notification No. 68/2026-Customs (N.T.) are effective from 1st August 2026.
What Are Customs Tariff Values and Why Do They Matter?
Tariff values, fixed under section 14(2) of the Customs Act, 1962, serve as the deemed transaction value for the purpose of calculating customs duty on specified goods. Unlike the general rule where customs duty is assessed on the actual transaction value declared by the importer, certain sensitive or price-volatile commodities are assessed on the basis of these administratively fixed tariff values.
This mechanism is specifically designed to:
- Prevent undervaluation of imports for duty evasion purposes
- Ensure uniformity and predictability in duty assessment across ports
- Provide a stable reference price for commodities susceptible to frequent international price fluctuations
- Protect domestic industries from artificially low declared import prices
The CBIC revises these tariff values periodically — often fortnightly or monthly — to keep them aligned with prevailing international market prices.
Revised Tariff Values: TABLE-1 — Edible Oils and Brass Scrap
TABLE-1 covers edible oils falling under Chapter 15 of the Customs Tariff, as well as brass scrap under Chapter 74. The following values have been notified: