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Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others 10.2.2016

 
 
Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, others – Palm Oil, Crude Palmolein, RBD Palmolein, others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified 
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs(CBEC), being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3, the following Tables shall be substituted namely:-

TABLE-1

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne)
(1)
(2)
(3)
(4)
1
1511 10 00
Crude Palm Oil
566 (i.e. no change)
2
1511 90 10
RBD Palm Oil
586 (i.e. no change)
3
1511 90 90
Others – Palm Oil
576 (i.e. no change)
4
1511 10 00
Crude Palmolein
594 (i.e. no change)
5
1511 90 20
RBD Palmolein
597 (i.e. no change)
6
1511 90 90
Others – Palmolein
596 (i.e. no change)
7
1507 10 00
Crude Soya bean Oil
720 (i.e. no change)
8
7404 00 22
Brass Scrap (all grades)
2821 (i.e. no change)
9
1207 91 00
Poppy seeds
2593 (i.e. no change)


Table 2

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $)
(1)
(2)
(3)
(4)
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
388 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
487 per kilogram 



















TABLE-3

Sl. No.
Chapter/ heading/ sub-heading/tariff item
Description of goods
Tariff value
(US $ Per Metric Tonne )
(1)
(2)
(3)
(4)
1
080280
Areca nuts
2558” (i.e. no change)


******* 

Direct and Indirect Tax collections together expected to meet the target of Revenue collections for the Current Financial Year 2015-16 without any shortfall; Latest tax collections figures up to 31st January,2016 indicate healthy growth of 33.7% in Indirect Tax and 10.9% in Direct Tax collections 
The latest tax revenue numbers up to 31st January, 2016 (31.01.2016) indicate healthy growth of 33.7% in Indirect Tax and 10.9% in Direct Tax collections. As against the Annual BE target for tax collections of Rs.14.49 lakh crore, the Government has received Rs.10.66 lakh crore, which is, 73.5% of the BE target. Looking to the trend, it appears that as far as Indirect Tax collections are concerned, the Government may get more than Rs.40,000 crore extra over and above the BE target for Indirect Taxes for 2015-16 while there might be an equal amount of shortfall in Direct Tax collections. However, both Direct and Indirect Tax collections put together, we expect to meet the annual BE target of Revenue collections for the current year without any shortfall. 

Growth in Custom Duty revenue collections - on electrical machinery is 34.4%, in case of other machineries it is 27.8%. These are indicators of new investment taking place in private sector. As far as the growth in Services tax collections are concerned, as against 27.2% average growth rate, the growth rate in banking and financial services is 44.6%. In case of work contract services, growth rate in Service taxes is 39.9% and in case of goods transportation services, it is 41%. These are also indications of high level of economic activities taking place in the economy and seems to be in commensurate with the growth rate projections for the FY 2015-16 as announced by the Central Statistical Organisation (CSO) two days back.

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