Silver Tariff Revision

The Central Board of Indirect Taxes and Customs has issued Notification No. 45/2026-Customs (N.T.) dated 8 May 2026 revising tariff values applicable to specified imported commodities. 

The notification increases the tariff value for silver imports from USD 2,360 per kilogram to USD 2,603 per kilogram, thereby recording an upward revision of USD 243 per kilogram, including silver bars, silver coins, medallions, and semi-manufactured silver products.

In contrast, the tariff value for gold continues unchanged at USD 1,456 per 10 grams while tariff values for crude palm oil, refined palm oil, crude soybean oil, brass scrap, and areca nuts have also been retained without modification. 

Since customs duties on notified goods are linked to tariff values prescribed under Section 14(2) of the Customs Act, the increase in silver tariff valuation is expected to marginally increase landed import costs for bullion dealers, jewellery manufacturers, and industrial consumers dependent on imported silver.