CBIC Revised Customs Tariff Values for Precious Metals under Chapter 71

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Dated: 25.04.2026

CBIC Revised Customs Tariff Values for Precious Metals under Chapter 71

The Government of India, through the Ministry of Finance (Department of Revenue), has issued Notification No. 41/2026–Customs (N.T.) dated 24th April 2026. This notification brings significant amendments to customs tariff values for specific items under Chapter 71 of the Customs Act, 1962 and the Central Excise Act, 1944. The changes are aimed at updating the duty drawback rates, which directly impact exporters and importers dealing with precious metals and related products.

Legal Framework

The amendments are made under the authority of:

Section 75 of the Customs Act, 1962
Sub-section (2) of Section 37 of the Central Excise Act, 1944
Rules 3 and 4 of the Customs and Central Excise Duties Drawback Rules, 2017

These provisions empower the Central Government to revise duty drawback rates, ensuring they reflect current market realities and support trade competitiveness.

Key Amendments in Notification No. 41/2026

The notification specifically amends the Schedule of Notification No. 77/2023–Customs (N.T.), focusing on Chapter 71, which covers precious metals and articles thereof. The changes are as follows:

1. Tariff Item 711301

Previous Value: 639.59
Revised Value: 773.17

2. Tariff Item 711302

Previous Value: 9089.33
Revised Value: 14990.66

3. Tariff Item 711401

Previous Value: 9089.33
Revised Value: 14990.66

These amendments represent a substantial increase in the duty drawback rates for the specified tariff items, which are likely related to gold, silver, and articles thereof.

Impact and Significance

For Exporters

The increased duty drawback rates mean higher refunds on customs and excise duties paid, improving profitability and encouraging exports of precious metal products.

For Importers

While the notification primarily affects exporters, importers should be aware of the revised values as they may influence market prices and supply chain dynamics.

For Customs and Trade Professionals

Professionals must update their compliance procedures and documentation to reflect the new rates, ensuring accurate claims and adherence to regulatory requirements.

Example Implementation

Suppose an exporter previously claimed a duty drawback for tariff item 711302 at the rate of 9089.33. With the new notification, the claim can now be made at 14990.66, resulting in a higher refund and improved cash flow.

Reference and Further Reading

Principal Notification No. 77/2023–Customs (N.T.), dated 20th October 2023
Last amended by Notification No. 21/2026–Customs (N.T.), dated 16th February 2026

Conclusion

Notification No. 41/2026–Customs (N.T.) marks a significant update in the customs tariff values for precious metals under Chapter 71. Exporters and trade professionals should take note of these changes to maximize benefits and ensure compliance. For detailed information, refer to the official Gazette of India publication.

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Source: CBIC, Ministry of Finance, Govt. of India

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