Import Duty Raised On Gold and Silver Findings, Coins, And Spent Catalysts

ENA Sectors 2024-01-24 13:04:49 New Delhi, Jan 24 (KNN) In a move to boost revenue and fund agricultural infrastructure, the Finance Ministry of India has increased the import duty on gold and silver findings, coins, and spent catalysts containing precious metals. The revised duty now stands at 15 per cent, up from the previous 10 per cent. This includes a basic customs duty (BCD) of 10 per cent and an additional 5 per cent agricultural infrastructure development cess (AIDC), as reported by Tribune. Notably, the social welfare surcharge (SWC) is exempt from this increase. Gold and silver findings, comprising small components like hooks, pins, or screws used in jewellery, are affected by this hike. The ministry's decision aims to bolster domestic revenue and support the government's initiatives, particularly the funding of agricultural infrastructure as introduced in the 2021-22 Budget. Additionally, the import duty on spent catalysts containing precious metals has been raised to 14.35 per cent. This rate includes a 10 per cent BCD and a 4.35 per cent AIDC, with an exemption from the social welfare surcharge. These new rates came into effect on January 22, as per an official notification. The government's move reflects an ongoing effort to balance economic considerations with the need for revenue generation, especially in sectors tied to precious metals and agriculture. (KNN Bureau) 36407 https://knnindia.co.in/news/newsdetails/sectors/import-duty-raised-on-gold-and-silver-findings-coins-and-spent-catalysts 2024-01-24 13:04:49 knnindia.co.in Import Duty Raised On Gold and Silver Findings, Coins, And Spent Catalysts