Import Duty On Gold

The Centre has increased customs duty on gold, silver and platinum imports to conserve foreign exchange and protect macroeconomic stability amid rising global uncertainty

In a notification issued on Monday, India's Ministry of Finance also hiked the import duty on spent catalysts containing precious metals to 14.35 per cent from 10.1 per cent

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

The government raised import taxes on gold, while increasing levies on exports of gasoline and diesel in an attempt to control a fast-widening current account gap.

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Besides, the Commerce Secretary observed that the GST-related issues flagged by the industry and the department of commerce have been substantively addressed.