CBIC Notification 33/2025 Customs Tariff Values—Effective May 1, 2025

1. Overview

On April 30, 2025, the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 33/2025-Customs (N.T.), which amends the default tariff value regime under Notification No. 36/2001-Customs (N.T.) dated August 3, 2001. This amendment updates the tariff values for specified imported goods—primarily edible oils, metals and nuts—by replacing the existing schedules (Table-1, Table-2 and Table-3) with revised rates. The changes take effect from May 1, 2025.

2. Background

Notification No. 36/2001-Customs established a mechanism for setting default customs tariff values (“reference values”) for certain imported goods that are subject to anti-dumping duties or where price declarations are prone to undervaluation. These reference values act as minimum assessable values for customs duty calculation when transaction values declared by importers fall below the prescribed benchmarks. Periodic revisions ensure that these values remain aligned with prevailing international market prices.

3. Details of the Amendment

1. Substitution of Schedules

   • Table-1 (Edible Oils) – All entries for crude and refined palm oil, palmolein, soya bean oil, sunflower oil, and related products have been updated.

   • Table-2 (Precious Metals) – Default values for gold and silver in various forms (ingots, scrap, jewellery, etc.) have been revised to reflect current London Bullion Market prices.

   • Table-3 (Other Specified Goods) – Rates for brass scrap and areca nuts have also been adjusted.

2. Revised Tariff Values

   • Each entry now specifies:

     • HS Code

     • Description of Goods

     • Default Tariff Value (per kg or per metric ton)

     • Currency Benchmark (e.g., USD/MT for oils; USD/ oz for bullion)

   • Importers must declare values at or above these rates; declarations below these values will automatically attract the revised tariff.

4. Implications for Trade

• Importers of Edible Oils will need to budget for higher assessable values, potentially increasing landed costs if transaction prices are below the new default rates.

• Precious Metals Dealers must reconcile declared values with the updated benchmarks to avoid the invocation of these default values and attendant higher duties.

• Compliance and Valuation: Customs authorities will apply the new tables in all assessments from May 1; importers should update their valuation protocols and documentation to ensure seamless clearance.

5. Effective Date

This notification is operative from 1 May 2025. All imports of the goods listed in the substituted Table-1, Table-2 and Table-3 on or after this date will be assessed using the revised tariff values.