Reduced basic gold and silver import price in India



oi-Sneha Kulkarni


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

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

The value of the duties on the imported gold and silver was $ 601 per 10 grams and $ 893 per kilogram before the further reduction.

According to the government’s announcement, imported gold will be subject to a levy of $ 566 per 10 kilograms. Other than tola bars, gold bars with an engraved serial number and a weight in metric units from the producer or refiner. Gold coins and gold discoveries with a gold content of at least 99.5%, excluding imports of these products by post, courier or baggage.

A small component such as a hook, clasp, clip, pin, latch, or screw back used to hold all or part of a piece of jewelry in place is called “gold findings” for the purposes of this entry.

Silver in any form, other than medallions and silver coins with a silver content of at least 99.9% or semi-worked forms of silver, will be subject to a tariff value of $ 836 per kilogram on imported silver. With the exception of the importation of these products by post, courier or baggage, medallions and silver coins with a silver content of at least 99.9% or semi-worked forms of money.

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

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Article first published: Thursday July 1st, 2021, 10:53 AM [IST]

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