NEW DELHI, Jan 23: The Finance Ministry increased import taxes on gold and silver jewellery and coins made of precious metals from 10% to 15%. Coins made of precious metals and findings made of gold and silver will now have an import charge of 15%. According to an official statement, this includes 10% Basic Custom Duty (BCD) and 5% of AIDC (Agriculture Infrastructure Development Cess). The Social Welfare Surcharge (SWC) does not apply to this. A little element, like a hook, pin, or screw, that secures all or a portion of a piece of jewellery is called a finding, usually made of gold or silver.Additionally, the Ministry increased import taxes on wasted catalysts that contained valuable metals. With the exemption of SWS, the tax has been increased to 14.35 percent, which now includes 10 Basic Custom tax (BCD) and 4.35% AIDC (Agriculture Infrastructure Development Cess). The announcement stated that the higher tariffs would take effect on January 22.
