Tariff Value of Gold, Silver and other Items Reduced
GOVERNMENT has decreased the tariff value of gold, silver & Palm oils. There is an increase in the Tariff values of crude soyabean oil. The Tariff values of poppy seeds remains put.
Table 1 | ||||
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD (Per Metric Tonne) as on 30.09.2016 | Tariff value USD (Per Metric Tonne) from 14.10.2016 |
|---|---|---|---|---|
(1) | (2) | (3) | (5) | (6) |
1 | 1511 10 00 | Crude Palm Oil | 767 | 704 |
2 | 1511 90 10 | RBD Palm Oil | 776 | 724 |
3 | 1511 90 90 | Others - Palm Oil | 772 | 714 |
4 | 1511 10 00 | Crude Palmolein | 811 | 737 |
5 | 1511 90 20 | RBD Palmolein | 814 | 740 |
6 | 1511 90 90 | Others - Palmolein | 813 | 739 |
7 | 1507 10 00 | Crude Soyabean Oil | 827 | 845 |
8 | 7404 00 22 | Brass Scrap (all grades) | 3055 | 3028 |
9 | 1207 91 00 | Poppy seeds | 2533 | 2533 |
Table 2 | ||||
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD from 30.09.2016 | Tariff value USD from 14.10.2016 |
1 | 71 or 98 | Gold, in any form in respect of which the benefit of entries at serial number 321 and 323 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed. | 428 per 10 grams | 410 per 10 grams |
2 | 71 or 98 | Silver, in any form in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed. | 619 per kilogram | 576 per kilogram |
Table 3 | ||||
S. No. | Chapter/ heading/ sub-heading/tariff item | Description of goods | Tariff value USD (Per Metric Tons) from 30.09.2016 | Tariff value USD (Per Metric Tons) from 14.10.2016 |
1 | 080280 | Arecanuts | 2623 | 2621 |
Notification No. ., Dated: October 14, 2016
It is easier to start taxes than to stop them. A tax an inch long can easily become a yard long. That has been the history of taxation.
The sales tax was first introduced in Madras Presidency in 1939, primarily to make up for the loss in revenue arising as a result of Prohibition. It was a multi-point tax levied at a very low rate — 0.5 per cent. It was reduced to 0.25 per cent in 1940.
Service Tax was introduced in 1994 with a tax of 5% on three services.
Where will GST take us?
Until Tomorrow with more DDT
Have a nice day.
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