Import duty on gold, silver findings hiked for farm infrastructure
An Agriculture Infrastructure Development Cess of 4.35 per cent has been imposed on “spent catalyst or ash containing precious metals”
The government has hiked import duty on gold and silver findings and coins to 15 per cent by imposing a 5 per cent Agriculture Infrastructure Development Cess (AIDC).
An AIDC of 4.35 per cent has also been imposed on “spent catalyst or ash containing precious metals”, a notification from the Central Board Of Indirect Taxes and Customs (CBIC) said.
The AIDC is in addition to the basic customs duty of 10 per cent and is aimed at bringing the incidence of import duty on precious metals at par with bullion.
“Gold or silver findings” means a small component such as hook, clasp, clamp, pin, catch or screw back used to hold the whole or a part of a piece of jewellery.
The additional duty came into effect from January 22.
In the 2021-22 budget, the government had introduced AIDC cess on certain items to fund agricultural infrastructure.
(With agency inputs)