The centre has increased duty on the import of gold and silver finding and coins of precious metals to 15% and from the existing 10%. This includes basic custom duty of 10% and Agriculture Infrastructure and Development Cess (AIDC) of 5%.
Findings are items line hooks, clips, which is a component of jewellery making.
It also increased duty on spent catalysts which are used to extract precious metals to 14.35%
The new rates will be effective January 22.
The government had increased the import duty on silver dore, bars and articles during the budget 2023, to align them with that on gold and platinum.
The basic customs duty on silver was raised to 10% from 7.5% and Agriculture Infrastructure and Development Cess (AIDC) on imports to 5% from 2.5% and on Silver dore it was increased to 10% basic import duty and 4.35% AIDC.
The import duty on articles made of precious metals was increased to 25% from 22%. There was no change in import duties on gold.
Source Name: Economic Times