Highlights

  • Crackdown on duty evasion amid rise in gold imports components
  • Government responds to surge in gold findings import challenges

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Government increases import duty on Gold and Silver findings to 15%

'Gold or silver findings' stands for 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.

Government increases import duty on Gold and Silver findings to 15%

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.

Also Watch: Gold, Silver Price Today January 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru


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