India cuts base price for gold and silver imports

The Indian government reduced the base import price for palm oil, soybean oil, gold and silver as prices fell in the overseas market. Basic import prices, usually revised every fortnight, are used to calculate the duties on gold and silver that individuals bring into the country. Gold prices in India include 7.5% import duty and 3% GST.

According to the government notification, the tariff value on imported gold and silver is now $ 566 per 10 grams and $ 836 per kg. This notification is effective from July 1, 2021.

Prior to the latest reduction, the tariff value on imported gold and silver was $ 601 per 10 grams and $ 893 per kilogram, respectively.

According to the government notification, the tariff value of $ 566 per 10 grams of imported gold will apply to

– Gold bars, other than tola bars, bearing the engraved serial number of the manufacturer or refiner and the weight expressed in metric units;

-Gold coins having a gold content of not less than 99.5% and discoveries of gold, other than imports of such goods by post, courier or baggage.

(For the purpose of this entry, “gold finds” refer to a small component such as a hook, clasp, clip, pin, latch, screw back used to hold all or part of a jewel in place.)

The tariff value of $ 836 per kg on imported silver will apply to

-Silver, in any form whatsoever, except medallions and coins of which a silver content is not less than 99.9% or semi-worked forms of silver

-Silver medallions and coins having a silver content of not less than 99.9% or semi-worked forms of silver falling within subheading 7106 92, except for imports of such goods by post, courier or baggage.

(For the purpose of this entry, money in any form does not include foreign currency coins, silver jewelry, or silver items.)

(With contributions from the agency)

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