The government has announced the increase of Import duty on the Gold, Silver Findings, and Precious metal coins. Previously the import duty was 11%. The new import duty will be applicable from January 22. Here are the complete details about this new import duty. Most probably this may impact the prices of Gold, silver, and precious metal jewellery. Let’s discuss everything below and know the major impact of this surge.
In the past few weeks, Gold price has been observed in the uptrend. These changes in the Import Duty will directly impact the prices of jewellery. On January 22, 2024, the Ministry of Finance released the notification for increasing the 14.35% Import duty on precious metals from 10.1%.
Also, the rise in the price of Gold, Silver Findings, and other precious metal coins may cause a bit decline in the price because of the surge in the price.
An official notification has stated that there will be a 10 percent Basic Custom Duty (BCD) and a 5 percent Agriculture Infrastructure Development Cess (AIDC) on certain imports. It’s important to note that this is exempt from the Social Welfare Surcharge (SWC).
The Union Budget 2024 is also in the lineup and currently, the government may bring some news regarding the import. However, till now there is no expectation available by the experts for the relief in import duties.