IMPORT DUTIES ON GOLD, SILVER FINDINGS, AND PRECIOUS METAL COINS RAISED TO 15%

Government increases import duty on gold or silver findings’ and spent catalysts with precious metals to 14.35%, featuring a 10% Basic Customs Duty and 4.35% under AIDC, exempt from SWS

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The government announced on January 22 an increase in import duties for gold and silver findings, as well as coins made of precious metals. The new duty rate is set at 15%, comprising a Basic Customs Duty (BCD) of 10% and an additional 5% under the Agriculture Infrastructure and Development Cess (AIDC). The hike does not impact the Social Welfare Surcharge (SWS) exemption.

‘Gold or silver findings’ refer to small components like hooks, clasps, clamps, pins, catches, or screw backs used in jewellery. Additionally, the government raised the import duty for spent catalysts containing precious metals, resulting in a new duty rate of 14.35%, with a BCD of 10% and 4.35% under AIDC. Similar to the previous case, this change also enjoys an exemption from the Social Welfare Surcharge (SWS).