Gold - Excise Duty Enhanced
LIKE in Customs, there is a 2-percentage points increase in excise duty. Notification No. 12/2012- CE dated 17.3.2012 is amended to increase the excise duty rate in respect of
Gold bars, other than tola bars, bearing manufacturer's engraved serial number and weight expressed in metric units manufactured in a factory starting from the stage of-
(a) Gold ore or concentrate;
(b) Gold dore bar; or
from 3% to 5%.
These notifications have come into force from 00.00 hrs of 21.01.2013, but they were not available, for love or money till 10 pm. One wonders how they have made the new rates applicable in our airports yesterday. And how would they collect the differential duty from the passengers who are already cleared?
Notification No. , Dated: January 21, 2013