The government has increased import duty on gold and silver findings and coins to 15% from the existing 10% by imposing a 5% Agriculture Infrastructure Development Cess (AIDC).
An AIDC of 4.35% 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% 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 goal is to curb duty evasion on gold and silver bars. This follows a recent surge in imports of gold findings like hooks, clasps, and other jewelry crafting components, as reported by a government official.
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.
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