15% tax on gold and silver coins..!? People are in shock..!

Sowmiya Sriram
15% tax on gold and silver coins..!? people are in shock..!

India's high import of gold not only depletes the country's foreign exchange reserves but also has a major impact on the country's trade deficit. In this situation, the central government has decided to cut tax concessions on some important products. The central finance ministry has announced that it will increase the import tax on gold and silver findings, coins made of gold and silver medals, and spent catalysts used to refine gold. The thing that directly affects the people of these 3 commodities is the import duty on coins made of gold and silver metals. A rise in duty on two other items affects people indirectly.
The new import tax rate on gold and silver findings and coins is 15%. This includes a Basic Customs Duty (BCD) of 10% and an additional 5% Agricultural Infrastructure Development Cess called AIDC. Exemption for Social Welfare Surcharge (SWS) does not apply to this tax hike. Also, the import duty rate of spent catalysts used in gold refining has been increased to 14.35%. This includes 10% Basic Customs Duty (BCD) and 4.35% Agricultural Infrastructure Development Cess called AIDC. Social Welfare Surcharge (SWS) tax exemption is not applicable in this tax hike.
This new duty change will be implemented from january 22, 2024, so that the new duty will apply to all goods imported from this morning. gold and silver findings are items that combine gold and silver jewelry. For example, hook, clamp, pin, screw, etc. all the materials used to fasten the jewelry are called findings.
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