Quote on Increased Import Duty on Gold and Silver from Sachin Kothari

Feb 07, 2024

Augmont LogoMr. Sachin Kothari, Director at Augmont Gold for All

In January 2024, the Indian government raised the import duty on gold and silver coins and findings from 11% to 15%. This comprises a 10% Basic Customs Duty and a 5% Agriculture Infrastructure Development Cess.

The fundamental goal was to standardize tax rates and hence avoid observed circumvention. This action was done to close a gap and bring duty on gold finds and coins in line with total customs duty rates on gold bars. This will eliminate trade sections that take advantage of duty arbitrage.

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