FinMin Increases Import Taxes to 15% on Gold, Silver, and Precious Metal Coins

The Finance Ministry increased import taxes on gold and silver jewelry and coins made of precious metals from 10% to 15%.

Coins made of precious metals and findings made of gold and silver will now have an import charge of 15%. According to an official statement, this comprises 10% Basic Custom Duty (BCD) and 5% of AIDC (Agriculture Infrastructure Development Cess).

The Social Welfare Surcharge (SWC) does not apply to this.

A little element, such a hook, pin, or screw, that secures all or a portion of a piece of jewelry is called a finding, usually made of gold or silver.

Additionally, the Ministry increased import taxes on wasted catalysts that included valuable metals. With the exemption of SWS, the tax has been increased to 14.35 percent, which now includes 10 Basic Custom tax (BCD) and 4.35% AIDC (Agriculture Infrastructure Development Cess).

The announcement said that the higher tariffs will take effect on January 22.