The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing. The tariff value is revised on a fortnightly basis. The import tariff value is the base price at which customs duty is determined to prevent under-invoicing.
It is revised on a fortnightly basis taking into account global prices. The jewellery industry has asked the government to reduce customs duty on gold to 2 per cent, from 10 per cent at present, in order to check smuggling of the precious metal. Fliers travelling with gold and precious jewellery may soon have some relief as Customs is mulling opening a counter at Delhi Airport for appraisal of such expensive items before embarking on a foreign travel so that they are not charged duty on their return.
The government had increased customs duty on gold to 10 per cent and banned import of gold coins and medallions, while the RBI linked imports of the metal to exports. More News ». The duty on gold dore bar, or impure gold, has also been reduced to 6. India refines tonnes of impure gold annually. The finance minister also announced a Sebi-regulated domestic spot exchange for gold, which will make the industry more robust.
Read More News on import tax on gold import tax on silver union budget import tax customs duties Nirmala Sitharaman budget Under the lens NFRA member under lens for audit gaps in fraud-hit firm; cloud over selection process for regulatory posts. Subscribe to ETPrime. Browse Companies:. Find this comment offensive? This will alert our moderators to take action Name Reason for reporting: Foul language Slanderous Inciting hatred against a certain community Others.
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Being the world's second largest gold consumer, India imports bulk of its gold and silver requirements. Since the prices of precious metals have surged sharply in , physical demand plummeted and imports have tumbled to multi-year lows. The total levy on gold currently is at It will provide a boost to the gems and jewellery sector, which plays a vital role in the Indian economy, leading to a thrust towards manufacturing and export and thus job creation.
Though prices have witnessed a short term decline commensurate with the cut in duty, but the zone of Rs. The jewellery industry has welcomed the government's move to cut import duty.
The import duty reduction will make trade compliance. Moreover, the government should also focus on strengthening the e-governance system to beef up the tracking mechanism of illegal transactions of gold.
So silver and gold including imports by eligible passengers will attract basic customs duty of 7. Silver futures on MCX were off day's high but were trading 5. Never miss a story!
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