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Gold, Silver Base Import Price Slashed In India

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The base import price of gold and silver has been reduced by the Indian government. The tariff on imported gold and silver is computed using base import prices, which are updated every two weeks. Gold prices in India include a 7.5 percent import tax and a 3% GST.

 

The duty value on imported gold and silver is currently $566 per 10 gram and $836 per kilogram, according to the government notification. The 1st of July, 2021, is the effective date of this announcement.

Gold, Silver Base Import Price Slashed In India

The duty value on imported gold and silver was $601 per 10 gram and $893 per kilogram before the new reduction.

According to the government's announcement, imported gold will be subject to a levy of $566 for every 10 kilograms. Other than tola bars, gold bars with an engraved serial number and weight in metric units from the producer or refiner. Gold coins and gold findings with a gold content of not less than 99.5 percent, excluding imports of such products via post, courier, or baggage.

A small component like a hook, clasp, clamp, pin, catch, or screw back used to hold the whole or a part of a piece of Jewellery in place is referred to as "gold findings" for the purposes of this entry.

 

Silver, in any form, other than medallions and silver coins with silver content not less than 99.9% or semi-manufactured forms of silver, will be subject to a tariff value of $836 per kilogram on imported silver. Other than importation of such products via post, courier, or luggage, medallions and silver coins with a silver content of not less than 99.9% or semi-manufactured forms of silver.

For the purposes of this entry, silver does not include foreign currency coins, silver jewellery, or silver goods in any form.

Read more about: gold silver import
Story first published: Thursday, July 1, 2021, 10:53 [IST]
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