- CBIC issued new tariff values from August first for gold, silver, brass scrap, and most edible oils.
- Gold rose to US dollars one thousand three hundred twenty-three per ten grams, while silver increased to US dollars one thousand eight hundred seventy-five per kilogram.
- Importers must use the correct effective-date notification, because duty is assessed against the notified values.
The Central Board of Indirect Taxes and Customs revised import tariff values for gold, silver, edible oils and brass scrap, but the changes attributed to August 1 came through a notification dated July 31 rather than the July 16 measure named in the headline.
Notification No. 63/2026-Customs (N.T.) set revised values effective July 16, 2026. A later Notification No. 68/2026-Customs (N.T.), dated July 31, 2026, introduced another set of values effective August 1, 2026.
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The revisions amend the tariff-value tables under Notification No. 36/2001-Customs (N.T.). The values are fixed under section 14(2) of the Customs Act, 1962, which allows customs authorities to set import values for duty assessment.
Gold, silver and brass scrap rose in the August 1 schedule. So did most listed edible oils.
Under the July 31 notification, gold rose to US$1,323 per 10 grams, while silver increased to US$1,875 per kilogram. Brass scrap reached US$7,639 per metric tonne.
The earlier July 16 schedule had placed those values at US$1,311 per 10 grams for gold, US$1,869 per kilogram for silver and US$7,599 per metric tonne for brass scrap.
The August 1 schedule raises most oil values
The newer notification adjusted five edible-oil categories. Crude palm oil rose to US$1,211 per metric tonne, while RBD palm oil fell to US$1,212.
Crude palmolein increased to US$1,222 per metric tonne. RBD palmolein moved to US$1,225, and crude soya bean oil climbed to US$1,255.
| Commodity | July 16 value | August 1 value | Change |
|---|---|---|---|
| Gold | US$1,311 per 10 grams | US$1,323 per 10 grams | +US$12 |
| Silver | US$1,869 per kilogram | US$1,875 per kilogram | +US$6 |
| Brass scrap | US$7,599 per metric tonne | US$7,639 per metric tonne | +US$40 |
| Crude palm oil | US$1,203 per metric tonne | US$1,211 per metric tonne | +US$8 |
| RBD palm oil | US$1,215 per metric tonne | US$1,212 per metric tonne | -US$3 |
| Crude palmolein | US$1,221 per metric tonne | US$1,222 per metric tonne | +US$1 |
| RBD palmolein | US$1,224 per metric tonne | US$1,225 per metric tonne | +US$1 |
| Crude soya bean oil | US$1,238 per metric tonne | US$1,255 per metric tonne | +US$17 |
| Areca nuts | US$10,785 per metric tonne | US$10,785 per metric tonne | No change |
Areca nuts remained unchanged at US$10,785 per metric tonne.
Importers will calculate duty against the notified values
Tariff values provide the customs basis for duty calculation. When that value rises, importers can face higher duty payments even if the applicable percentage rate does not change.
The adjustment can increase working-capital pressure on small and medium-sized enterprises. Importers may also pass additional costs through to jewelry and cooking-oil prices, creating marginal increases for domestic buyers.
The board revises these values fortnightly to track volatile international prices. The stated purpose is to reduce the risk of revenue loss or excessive taxation when declared transaction prices do not move in line with global markets.
The latest changes come as India enters a peak festival-demand period, while domestic edible-oil supplies remain constrained. B.V. Mehta, executive director of the Solvent Extractors' Association of India, said, “crushing of domestic oilseeds has slowed. imports will have to increase over the next few months to meet demand.”
Gold duties remain tied to a wider smuggling debate
The bullion changes also come amid concerns about the gap between official import costs and illicit-market incentives. Sachin Jain, CEO of World Gold Council Indian operations, said on July 30, 2026: “The arbitrage is so huge. with the 15% duty and 3% GST, there's an 18% difference, and that almost spurs an entire industry [smuggling].”
The Gem & Jewellery Export Promotion Council previously warned that effective duty rates raised to 15% in May 2026 were putting pressure on small firms and could encourage illicit trade.
That trade body welcomed Notification No. 64/2026-Customs (N.T.), which doubled duty drawback rates to help exporters recover costs. The drawback change is separate from the tariff-value revisions covered here.
Other customs measures are aimed at cash flow and data exchange
The government also introduced the Eligible Manufacturer Importer Scheme, effective April 1, 2026, allowing trusted manufacturers to defer customs-duty payments. The measure is intended to improve cash flow.
Separately, an ICEGATE integration between the Directorate General of Foreign Trade and the customs administration was highlighted in Parliament as a step toward streamlining export-import data exchange.
Indrajit Panda, Under Secretary, signed the July 31 notification under the authority of the Department of Revenue, Ministry of Finance. The document carries file number F. No. 467/01/2026-Cus.V.
The July 16 values therefore remain the figures associated with Notification No. 63/2026-Customs (N.T.), while the values in force from August 1 are the higher or lower figures listed in the later schedule. Importers assessing August consignments must use the applicable effective-date notification and commodity entry.
