CBIC has updated tariff values for palm oil, soybean oil, and brass scrap effective from 30 May 2026, while maintaining existing values for gold and areca nuts.
CBIC Revises Customs Tariff Values for Oils and Brass Scrap
CBIC has updated tariff values for edible oils and brass scrap under Section 14 of the Customs Act. The notification revises benchmark customs values effective from 30 May 2026 while retaining existing values for gold and areca nuts.
This revision in customs values may influence the pricing and import decisions of businesses dealing in these commodities. The updated values serve as a benchmark for duty calculations and can impact trade margins for importers.
Practitioners should assist clients by advising on the new tariff values and how they will affect customs duty liabilities for palm oil, soybean oil, and brass scrap imports.
Citations
- CBIC Notification (2026) N/A
