Tariff values increased for Brass scrap.
The tariff value of brass scrap is increased from 4190 to 4346 and crude soyabean oil is marginally increased from 570 to 572. But there was some confusion in the rates announced. A PIB press release says,
The Central Board of Excise & Customs has, in Notification No. 88/2006-Customs (N.T.), dated 14th August, 2006, notified a minimum tariff value of palm oil products for the fortnight ending 14th August 2006. This is based on the average of landed prices prevailing during the previous fortnight and is in accordance with the procedure as adopted by the Board. It has however come to notice that the tariff values indicate a substantial increase, based on a significant rise in the international prices. On crude palm oil the rise has been up to 7.6%, as compared to the last fortnight. The Board has therefore decided to retain tariff values of palm oil products at the prevailing rates notified in Notification No. 85/2006-Customs (N.T.) dated 31st July 2006, so as to keep the domestic prices under check. The corrected notification is enclosed.
Any way Board has been able to correct the mistake before any damage could take place.
The existing and revised values are as:-
S.No. | Chapter heading or sub-heading | Description of goods | Tariff value | New tariff values |
|---|---|---|---|---|
(1) | (2) | (3) | (4) | 5 |
1 | 1511 10 00 | Crude Palm Oil | 447 | 447 |
2 | 1511 90 10 | RBD Palm Oil | 476 | 476 |
3 | 1511 90 90 | Others – Palm Oil | 462 | 462 |
4 | 1511 10 00 | Crude Palmolein | 481 | 481 |
5 | 1511 90 20 | RBDPalmolein | 484 | 484 |
6 | 1511 90 90 | Others – Palmolein | 483 | 483 |
7 | 1507 10 00 | Crude Soyabean Oil | 570 | 572 |
8 | 7404 00 22 | Brass Scrap (all grades) | 4190 | 4346 |
Notification No. dated14TH August 2006