Government raises import duties for gold, silver findings, spent catalysts containing precious metals to 15%

The changes, effective from January 22, 2024, aim to regulate imports and support the domestic economy.

The government on January 22 has announced an increase in import duties for gold and silver findings, as well as coins made of precious metals. The new duty rate is 15%, which includes a Basic Customs Duty (BCD) of 10% and an additional 5% under the Agriculture Infrastructure and Development Cess (AIDC).

However, this increase does not apply to the Social Welfare Surcharge (SWS) exemption.

'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.

Moreover, the government has also raised the import duty for spent catalysts that contain precious metals.

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The new duty rate is 14.35%, which comprises a 10% Basic Customs Duty (BCD) and an additional 4.35% under the Agriculture Infrastructure and Development Cess (AIDC). Similar to the previous case, there is an exemption from the Social Welfare Surcharge (SWS).

The changes, effective from January 22, 2024, aim to regulate imports and support the domestic economy.

In the 2021-22 Budget, the government had introduced AIDC cess on certain items to fund agricultural infrastructure.