Gold Duty Hiked by 2%, Silver 4%,
Platinum 2%
All Three Precious Metals at 10% Now
[Ref: Notification No. 41/2013-Customs dated 13
August 2013]
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the
Central Government, on being satisfied that it is necessary in the public
interest so to do, hereby makes the following further amendments in the
notification of the Government of India in the Ministry of Finance (Department
of Revenue), No. 12/2012-Customs, dated
the 17th March, 2012 which was published in the Gazette of
India, Extraordinary, vide G.S.R. 185(E) dated the 17th March, 2012,
namely: -
In the said notification, in the Table,-
(a) against S. No. 116,
for the entry in column (5), the entry “8%”
shall be substituted;
(b) against S. No. 318,
for the entry in column (5), the entry “8%”
shall be substituted;
(c) against S. No. 320,
for the entry in column (5), the entry “7%”
shall be substituted;
(d) in S. No. 321,
against item (i) for the entry in column (4), the entry “10%” shall be substituted;
(e) against S. No. 322,
for the entry in column (4), the entry “10%”
shall be substituted;
(f) against S. No. 323,
for the entry in column (4), the entry “10%”
shall be substituted;
(g) against S. No. 324,
for the entry in column (4), the entry “10%”
shall be substituted;
(h) against S. No. 328,
for the entry in column (4), the entry “10%”
shall be substituted;
[F. No.354/95/2013-TRU]
Amended
Text of the notification entries giving below. {Source: BIG’s
Easy Reference Customs Tariff amended as on 14 August 2013]
|
SNo. |
Chapter or Heading or sub –heading or tariff item |
Description of goods |
Standard rate |
Additional |
Condition No. |
|
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
|
116. |
26 |
Gold ores and concentrates for use in the
manufacture of gold [Additional
duty raised to 4% from 2% by 01/21.01.2013; Additional duty raised to 6% from
4% by 31/05.06.2013; Duty raised to 8% from 6% by 41/13.08.2013] |
Nil |
8% |
5 and 8 |
|
318. |
71 |
Gold dore bar, having
gold content not exceeding 95% |
Nil |
8% |
5 and 34 |
|
320. |
71 |
Silver dore bar having
silver content not exceeding 95% |
Nil |
7% |
5 and 34 |
|
321. |
71 or 98 |
(i) 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 [Basic duty
raised to 6% from 4% by 01/21.01.2013; Basic duty raised to 8% from 6% by
31/05.06.2013; Duty raised to 10% from 8% by 41/13.08.2013] |
10% |
Nil |
35 |
|
|
|
(ii) Gold in any form other than (i), including tola bars and ornaments, but excluding ornaments studded
with stones or pearls [Amended by
Corrigendum dated 20 March 2012] |
10% |
Nil |
35 |
|
322. |
71 or 98 |
Silver, in any form including ornaments, but
excluding ornaments studded with stones or pearls, imported by the eligible
passenger |
10% |
Nil |
35 |
|
323. |
71 |
Gold bars, other than tola
bars, bearing manufacturer’s or refiner’s engraved serial number and weight
expressed in metric units, gold coins having gold content not below 99.5% and
gold findings, other than imports of such goods through post, courier or
baggage Explanation.- For the purposes of this entry,
“gold findings” means a small component such as hook, clasp, clamp, pin, catch,
screw back used to hold the whole or a part of a piece of jewellery in
place. |
10% |
Nil |
- |
|
324. |
71 |
Silver, in any form including silver coins having
silver content not below 99.9%, other than imports of such goods through
post, courier or baggage. Explanation.- For the
purpose of this notification, silver n any form
shall include medallions and coins having silver content not below 99.9% but
shall not include foreign currency coins and jewellery
made of silver. |
10% |
Nil |
- |
|
328. |
7110 11 or 7110 19 00 |
Platinum |
10% |
- |
- |