Big news for gold and silver buyers, central government has taken an important decision

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Image Source: Twitter

Gold Import Duty: Big news has come out for people buying gold and silver. The Finance Ministry has hiked the import duty on gold and silver from 12.50% to 15% ahead of the budget. Apart from this, the customs duty on precious metal coins has been increased.

How much increased duty on import of gold and silver

The duty on gold and silver imports has been increased to 15%, which will include 10% Basic Customs Duty (BCD) and 5% Agricultural Infrastructure Development Cess (AIDC). However, there has been no increase in the Social Welfare Cess (SWS) levied on him.

Change in duty on small component related to small-silver

This duty is increased on small components related to gold and silver such as hooks, clasps, clamps, pins, catches and screws. This small component is especially used to hold the whole or a part of the jewelry.

Duty increased on precious metal catalyst too

The import duty levied on precious metals catalyst has also been increased to 14.35%. It will attract basic customs duty of 10% and AIDC of 4.35%. Social welfare cess will be levied on it.

When will the new import duty be applicable?

The new rate of import duty has been implemented since January 22 i.e. yesterday. There are 8 days left for the country's budget and it will be presented on 01 February 2024. Instead of announcing it in the budget, the finance ministry has implemented it from January 22 itself.

Why did the government take this decision?

The central government has taken this decision because the import duty on raw imports of gold-silver and gold-silver components was out of balance and was not being utilized properly. Now this decision has been taken by the finance ministry to make this import duty balanced.


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