Govt hikes import duty on gold, silver findings to 15%

New Delhi, January 23

The Finance Ministry has hiked the import duty on gold and silver findings and coins of precious metals to 15 per cent from the existing 10 per cent.

This includes basic customs duty (BCD) of 10 per cent and 5 per cent of agriculture infrastructure development cess (AIDC), an official notification said. This is exempt from the social welfare surcharge (SWC).

Spent catalysts

• The import duty on spent catalysts containing precious metals has also been hiked to 14.35 per cent
• The hike includes 10 per cent basic customs duty and 4.35 per cent agriculture infrastructure development cess with exemption from the social welfare surcharge
• The new rates are effective from January 22

Gold or silver findings are small components such as hooks, pins or screws that hold the whole or a part of a piece of jewellery in place.

The ministry has also hiked import duty on spent catalysts containing precious metals. It has been hiked to 14.35 per cent, including 10 per cent BCD and 4.35 per cent AIDC with exemption from the SWS. The new rates are effective from January 22, the notification said.

In the 2021-22 Budget, the government had introduced AIDC on certain items to fund agricultural infrastructure.