Government Hikes Duty on Precious Metal Imports to 10%
Customs Duty Rates Revised on Precious Metals Imports
The Centre has issued a Finance Ministry notification, effective from midnight on May 13, revising customs duty rates on several categories linked to imports of gold, silver, and other precious metals. The revised rates, as per the notification, will apply to multiple tariff categories covering gold, silver, platinum, jewellery findings, and precious metal-related industrial imports.
Issued by the Department of Revenue under the Customs Act, the notification amends earlier customs notifications issued in 2018 and 2021. The revised structure fixes customs duty rates of 5%, 5.4%, and 4.35% for different categories of imports related to precious metals.
| Category | Tariff Headings | Customs Duty Rate |
|---|---|---|
| Gold | 7107 | 5% |
| Silver | 7108 | 5% |
| Platinum | 7109 | 5.4% |
| Jewellery Findings (Gold and Silver) | 7111 | 5% |
| Jewellery Findings (Platinum) | 7112 | 5.4% |
Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
The notification also revises duty rates on jewellery “findings” used in jewellery manufacturing. Gold and silver findings will now attract a 5% customs duty, while platinum findings will attract a 5.4% customs duty.
Additionally, the government has modified concessional duty provisions for imports of spent catalysts or ash containing precious metals meant for recovery and recycling. Such imports will attract a concessional customs duty of 4.35%, subject to specified compliance conditions.
More in Economy
Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data
US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline
MoSPI Releases Uniform Norms for DDP Estimates with 2022-23 Base Year
