Customs : Law of Classification of Imported Gold Coins
An important decision has dealt with the issue of classification of imported gold coins under Customs Tariff Act, 1975.
In M/S. KHANDWALA FINSTOCK PRIVATE LIMITED v Union of India [2023] GCtR 2490 (Delhi), Court firstly noticed the distinction between Sub-Headings 7114 and 7118 with the former pertaining to ―"articles of gold" while the latter being in respect of ―"coins". CTH 7118 1000 and 7118 9000 were correctly recognised to subserve the requirement of segregating coins made of gold and those made of other precious metals. The decision cannot be justifiably interpreted as purporting to hold that all articles that may be ordinarily or loosely referred to as gold coins are liable to be classified as falling under CTH 7118 9000. When gold coins are liable to be classified under CTH 7118 9000, it did not mean or intend to hold that all articles of gold are liable to be classified as falling in that entry of the CTH merely because they happen to be in the shape of a coin or are colloquially referred to as such. Every round, circular or discoid article of gold would not fall within the ambit of that entry.
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