Two percentage points increase in Customs and Excise Duties on Gold
THE war on import of gold is continuing with the Current Account Deficit beyond reasonable limits. Yesterday the Government hiked the Customs duty and Additional duty on certain items of Gold. The new rates are applicable from 5th June, but the notification was available only in the night of 5th June. What would be the duty collected during the day on 5th June when nobody was aware of this hike?
Sl. No. in Notification No. 12/2012-Cus | Description | previous rate | hiked rate |
|---|---|---|---|
116 | *Gold ores and concentrates for use in the manufacture of gold | 4% | 6% |
318 | *Gold dore bar, having gold content not exceeding 95% | 4% | 6% |
321 | 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%, imported by the eligible passenger | 6% | 8% |
323 | 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%, other than imports of such goods through post, courier or baggage. | 6% | 8% |
328 | Platinum | 6% | 8% |
*Additional Duty
Similarly, CE Notification No. 12/2012-CE dated 17.3.2012 is also amended to hike the excise duty.
Sl. No. in Notification No. 12/2012-CE | Description | previous rate | hiked rate |
|---|---|---|---|
189 | 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- (i) (a) Gold ore or concentrate; (b) Gold dore bar; | 5% | 7% |
191 | The following goods manufactured or produced during the process of copper smelting starting from the stage of copper ore or concentrate in the same factory namely:- (i)gold bars, other than tola bars, bearing manufacturer‘s or refiner‘s engraved serial number and weight expressed in metric units and gold coin of purity not below 99.5%; | 5% | 7% |
Notification No., Dated: June 05, 2013 and Notification No., Dated: June 05, 2013