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( As on 23/01/2024 19:51)

Govt raises import duty on gold, silver findings to 15%

The government has increased import duty on gold and silver findings and coins to 15 per cent by imposing a 5 per cent Agriculture Infrastructure Development Cess (AIDC).

An AIDC of 4.35 per cent has also been levied on 'spent catalyst or ash containing precious metals', said a notification of the Central Board Of Indirect Taxes & Customs (CBIC).

AIDC has been imposed in addition to the basic customs duty of 10 per cent with an aim to bring the incidence of import duty on precious metals at par with bullion.

'Gold or silver findings' means a small component such as hook, clasp, clamp, pin, catch, or screw back, used to hold the whole or a part of a piece of jewellery.

The additional duty came into effect from January 22. In the 2021-22 Budget, the government had introduced AIDC cess on certain items to fund agricultural infrastructure.