Government increased import duty on gold, silver and precious metal coins from 10% to 15%.

The Finance Ministry has decided to increase the import duty on gold, silver and precious metal coins. The government has increased it from the existing 10% to 15 per cent. According to the official notification issued by the government, the import duty on gold, silver metals and precious metal coins will now be 15%. This includes 10% Basic Customs Duty (BCD) and 5% AIDC (Agriculture Infrastructure Development Cess).

Now it will be exempted from the Social Welfare Surcharge (SWC). The ministry has also increased the import duty on used catalysts containing precious metals. There will be an exemption from SWS in import duty but under this, 10% Basic Customs Duty (BCD) and 4.35% AIDC (Agriculture Infrastructure Development Cess) will be payable, due to which it has been increased to 14.35%. According to the notification, the new rates of import duty became effective on January 22.