Customs Duty on Gold, Silver - On ad valorem Basis
IMPORT of Non-industrial diamonds including lab-grown diamonds (other than rough diamonds), which hitherto attracted a ‘nil' customs duty will now attract a 2% Customs Duty.
Platinum, which was charged a duty of Rs. 300 per 10 grams, will now be on an ad valorem rate of 2%
Diamonds including lab-grown diamonds- semi-processed, half-cut or broken will be on ‘nil' duty.
Gold ores and concentrates for use in manufacture of gold will be on 1% duty instead of the present Rs. 140 per 10 grams.
Gold dore bar, having gold content not exceeding 95%, will attract 1% customs duty instead of Rs. 140 per 10 grams.
Silver dore bar having silver content not exceeding 95%, will be on 3% customs duty.
Sl. Numbers 187, 189, 422, 518A, 518B of the Table and condition No. 109 of Notification No. dated 1.3.2002, are amended.
Notification No. , Dated January 16, 2012
Ad valorem rates for Gold, Silver : The existing and amended rates for import of gold and silver other than through post, courier or baggage :
Sl. No | Description of goods | Present Rate | New Rate |
|---|---|---|---|
1 | Gold bars, other than tola bars, bearing manufacturer's or refiner's engraved serial number and weight expressed in metric units, and gold coins having gold content not below 99.5%. | Rs. 300 per 10 gms | 2% |
2 | Gold in any form (other than those specified against S. No.1 in this column) including liquid gold and tola bars. | Rs. 750 per 10 gms | 5% |
3 | Silver in any form including silver coins having silver content not below 99.9%. | Rs. 1500 per kg | 6% |
Notification No. _cus dated 12.05.2004 is superseded.
Notification No. , Dated January 16, 2012
Gold and Silver imported by passengers. The present and amended rates are:
Sl. No | Description of goods | Present Rate | New Rate |
|---|---|---|---|
1 | Gold bars, other than tola bars, bearing manufacturer's or refiner's engraved serial number and weight expressed in metric units, and gold coins having gold content not below 99.5%. | Rs. 300 per 10 gms | 2% |
2 | Gold in any form other than at S.No.1 above, including tola bars and ornaments, but excluding ornaments studded with stones or pearls | Rs. 750 per 10 gms | 5% |
3 | Silver, in any form including ornaments, but excluding ornaments studded with stones or pearls | Rs. 1500 per kg | 6% |
Notification No.172/1994-Cus dated 30.09.1994 and dated 01.03.2003 are superseded.
Notification No. , Dated January 16, 2012
VALUATION of Gold or Silver imported by passengers: Are passengers coming from abroad after a tiring journey required to haggle with the Customs officers at the airports over the valuation of gold brought with them? Not necessary. The Government has thought of this problem and fixed tariff values for the Gold and Silver imported availing Notification No.3/2012-Cus (passengers). The tariff value for gold is 526 US Dollars per 10 grams and silver 953 US Dollars per kg.
Notification No. , Dated January 16, 2012