The Finance Ministry has increased the import duties on certain precious items, such as gold and silver findings, coins made of precious metals, and spent catalysts containing precious metals. The move aims to eliminate tax advantages associated with importing these goods.
Gold and Silver Findings and Coins
The import duty on gold and silver findings, as well as coins made of precious metals, has been raised to 15%. This includes a Basic Custom Duty (BCD) of 10% and an additional 5% Agriculture Infrastructure Development Cess (AIDC). Notably, there will be no Social Welfare Surcharge (SWC), unlike before when the duty was at 10%. Gold or silver findings refer to small components like hooks, clasps, clamps, pins, catches, and screw backs used in jewelry.
Spent Catalysts with Precious Metals
The Finance Ministry has also increased the import duty on spent catalysts containing precious metals to 14.35%. This consists of a 10% BCD and an AIDC at the rate of 4.35%. Social Welfare Surcharge (SWS) will be applicable. Spent organic-based catalysts, which contain precious metals, are typically treated through incineration to recover their precious metal content.
Effective Date of New Rates
These revised rates came into effect from January 22, as announced by the Ministry.
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