The import tax on precious metal coins, silver jewelry, and gold has been raised to 15%

According to a Reuters article, the government raised the import tariff on gold and silver finds and coins of precious metals from 11 percent to 15 percent, effective January 22. Jewelry is made using findings made of gold and silver.

According to an official statement, some imports would be subject to a 5 percent Agriculture Infrastructure Development Cess (AIDC) and a 10 percent Basic Custom Duty (BCD). It is noteworthy that the Social Welfare Surcharge (SWC) does not apply to this.

This change brings the tariffs into line with those on gold and silver bars.

The article also said that the Ministry of Finance raised the import tariff on used catalysts containing precious metals from 10.1 percent to 14.35 percent in a notice issued on January 22.

With 10% Basic Custom tax (BCD) and 4.35 percent Agriculture Infrastructure Development Cess (AIDC), the new tax is 14.35 percent. It is noteworthy that the Social Welfare Surcharge (SWS) is not applicable in this case.

According to the article, which quoted a government official, the goal is to stop people from avoiding paying tariffs on gold and silver bars in light of the recent increase in imports of gold findings, such as hooks, clasps, and other parts used in jewelry making.

India is the second-biggest consumer of gold in the world, and almost all of its supply is imported.

Gold Rates
Tuesday, January 23, saw an increase in gold prices during the morning trading session on the local futures market, driven by positive global indications.

With investors anxiously awaiting interest rate decisions from several central banks and a plethora of economic data set for release in the US later this week, gold prices surged on foreign markets as the US dollar declined.

Given that gold is valued in US dollars, this downturn benefits the yellow metal. In addition, the price of gold is supported by predictions of rate decreases. Gold becomes more appealing when interest rates are low because owning gold has a reduced opportunity cost.

MCX Gold had a 0.12% increase in trading at ₹61,964 per 10 grams at around 10:05 a.m.