{"id":9483,"date":"2024-01-23T10:05:29","date_gmt":"2024-01-23T10:05:29","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=9483"},"modified":"2024-01-23T10:05:29","modified_gmt":"2024-01-23T10:05:29","slug":"govt-raises-import-duty-on-gold-silver-findings-to-15-pc","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/govt-raises-import-duty-on-gold-silver-findings-to-15-pc\/","title":{"rendered":"Govt Raises Import Duty On Gold, Silver Findings To 15 Pc"},"content":{"rendered":"

NEW DELHI, Jan 23: The\u00a0<\/span>Finance\u00a0<\/span>Ministry\u00a0<\/span><\/span>increased\u00a0<\/span><\/span>import\u00a0<\/span>taxes\u00a0<\/span><\/span>on\u00a0<\/span><\/span>gold\u00a0<\/span>and\u00a0<\/span>silver\u00a0<\/span><\/span>jewellery<\/a>\u00a0<\/span><\/span>and\u00a0<\/span><\/span>coins\u00a0<\/span><\/span>made\u00a0<\/span>of\u00a0<\/span><\/span>precious\u00a0<\/span>metals\u00a0<\/span><\/span>from\u00a0<\/span><\/span>10%\u00a0<\/span>to\u00a0<\/span>15%.<\/span><\/span><\/span> <\/span><\/span><\/span>Coins\u00a0<\/span><\/span>made\u00a0<\/span>of\u00a0<\/span><\/span>precious\u00a0<\/span>metals\u00a0<\/span><\/span>and\u00a0<\/span><\/span>findings\u00a0<\/span><\/span>made\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold\u00a0<\/span><\/a>and\u00a0<\/span>silver\u00a0<\/span><\/span>will\u00a0<\/span>now\u00a0<\/span>have\u00a0<\/span><\/span>an\u00a0<\/span>import\u00a0<\/span><\/span>charge\u00a0<\/span>of\u00a0<\/span><\/span>15%.<\/span><\/span><\/span> <\/span><\/span><\/span>According\u00a0<\/span><\/span>to\u00a0<\/span>an\u00a0<\/span><\/span>official\u00a0<\/span><\/span>statement,\u00a0<\/span><\/span>this\u00a0<\/span><\/span>includes\u00a0<\/span><\/span>10%\u00a0<\/span><\/span>Basic\u00a0<\/span><\/span>Custom\u00a0<\/span><\/span>Duty\u00a0<\/span><\/span>(BCD)\u00a0<\/span><\/span>and\u00a0<\/span><\/span>5%\u00a0<\/span><\/span>of\u00a0<\/span><\/span>AIDC\u00a0<\/span><\/span>(Agriculture\u00a0<\/span><\/span>Infrastructure\u00a0<\/span>Development\u00a0<\/span><\/span>Cess).<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span><\/span>Social\u00a0<\/span>Welfare\u00a0<\/span><\/span>Surcharge\u00a0<\/span><\/span>(SWC)\u00a0<\/span><\/span>does\u00a0<\/span>not\u00a0<\/span>apply\u00a0<\/span><\/span>to\u00a0<\/span><\/span>this.<\/span><\/span><\/span> <\/span><\/span><\/span>A\u00a0<\/span>little\u00a0<\/span><\/span>element,\u00a0<\/span><\/span>like\u00a0<\/span><\/span>a\u00a0<\/span>hook,\u00a0<\/span><\/span>pin,\u00a0<\/span><\/span>or\u00a0<\/span><\/span>screw,\u00a0<\/span><\/span>that\u00a0<\/span><\/span>secures\u00a0<\/span><\/span>all\u00a0<\/span>or\u00a0<\/span>a\u00a0<\/span>portion\u00a0<\/span><\/span>of\u00a0<\/span><\/span>a\u00a0<\/span>piece\u00a0<\/span><\/span>of\u00a0<\/span><\/span>jewellery\u00a0<\/span><\/span>is\u00a0<\/span>called\u00a0<\/span><\/span>a\u00a0<\/span>finding,\u00a0<\/span><\/span>usually\u00a0<\/span>made\u00a0<\/span><\/span>of\u00a0<\/span><\/span>gold\u00a0<\/span><\/span>or\u00a0<\/span><\/span>silver.<\/span><\/span><\/span><\/span><\/span><\/span>Additionally,\u00a0<\/span><\/span>the\u00a0<\/span>Ministry<\/a>\u00a0<\/span><\/span>increased\u00a0<\/span><\/span>import\u00a0<\/span>taxes\u00a0<\/span><\/span>on\u00a0<\/span><\/span>wasted\u00a0<\/span><\/span>catalysts\u00a0<\/span><\/span>that\u00a0<\/span>contained\u00a0<\/span><\/span>valuable\u00a0<\/span>metals.<\/span><\/span><\/span> <\/span><\/span><\/span>With\u00a0<\/span><\/span>the\u00a0<\/span>exemption\u00a0<\/span><\/span>of\u00a0<\/span><\/span>SWS,\u00a0<\/span><\/span>the\u00a0<\/span>tax\u00a0<\/span><\/span>has\u00a0<\/span>been\u00a0<\/span><\/span>increased\u00a0<\/span><\/span>to\u00a0<\/span><\/span>14.35\u00a0<\/span><\/span>percent,\u00a0<\/span><\/span>which\u00a0<\/span><\/span>now\u00a0<\/span>includes\u00a0<\/span><\/span>10\u00a0<\/span><\/span>Basic\u00a0<\/span><\/span>Custom\u00a0<\/span><\/span>tax\u00a0<\/span><\/span>(BCD)\u00a0<\/span><\/span>and\u00a0<\/span><\/span>4.35%\u00a0<\/span><\/span>AIDC\u00a0<\/span><\/span>(Agriculture\u00a0<\/span><\/span>Infrastructure\u00a0<\/span>Development\u00a0<\/span><\/span>Cess).<\/span><\/span><\/span> <\/span><\/span><\/span>The\u00a0<\/span>announcement\u00a0<\/span><\/span>stated\u00a0<\/span>that\u00a0<\/span><\/span>the\u00a0<\/span>higher\u00a0<\/span><\/span>tariffs\u00a0<\/span><\/span>would\u00a0<\/span>take\u00a0<\/span><\/span>effect\u00a0<\/span>on\u00a0<\/span><\/span>January\u00a0<\/span>22.<\/span><\/span><\/span><\/span><\/span><\/span><\/p>\n

\"Govt
Govt Raises Import Duty On Gold, Silver Findings To 15 Pc<\/figcaption><\/figure>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI, Jan 23: The\u00a0Finance\u00a0Ministry\u00a0increased\u00a0import\u00a0taxes\u00a0on\u00a0gold\u00a0and\u00a0silver\u00a0jewellery\u00a0and\u00a0coins\u00a0made\u00a0of\u00a0precious\u00a0metals\u00a0from\u00a010%\u00a0to\u00a015%. Coins\u00a0made\u00a0of\u00a0precious\u00a0metals\u00a0and\u00a0findings\u00a0made\u00a0of\u00a0gold\u00a0and\u00a0silver\u00a0will\u00a0now\u00a0have\u00a0an\u00a0import\u00a0charge\u00a0of\u00a015%. According\u00a0to\u00a0an\u00a0official\u00a0statement,\u00a0this\u00a0includes\u00a010%\u00a0Basic\u00a0Custom\u00a0Duty\u00a0(BCD)\u00a0and\u00a05%\u00a0of\u00a0AIDC\u00a0(Agriculture\u00a0Infrastructure\u00a0Development\u00a0Cess). The\u00a0Social\u00a0Welfare\u00a0Surcharge\u00a0(SWC)\u00a0does\u00a0not\u00a0apply\u00a0to\u00a0this. A\u00a0little\u00a0element,\u00a0like\u00a0a\u00a0hook,\u00a0pin,\u00a0or\u00a0screw,\u00a0that\u00a0secures\u00a0all\u00a0or\u00a0a\u00a0portion\u00a0of\u00a0a\u00a0piece\u00a0of\u00a0jewellery\u00a0is\u00a0called\u00a0a\u00a0finding,\u00a0usually\u00a0made\u00a0of\u00a0gold\u00a0or\u00a0silver.Additionally,\u00a0the\u00a0Ministry\u00a0increased\u00a0import\u00a0taxes\u00a0on\u00a0wasted\u00a0catalysts\u00a0that\u00a0contained\u00a0valuable\u00a0metals. With\u00a0the\u00a0exemption\u00a0of\u00a0SWS,\u00a0the\u00a0tax\u00a0has\u00a0been\u00a0increased\u00a0to\u00a014.35\u00a0percent,\u00a0which\u00a0now\u00a0includes\u00a010\u00a0Basic\u00a0Custom\u00a0tax\u00a0(BCD)\u00a0and\u00a04.35%\u00a0AIDC\u00a0(Agriculture\u00a0Infrastructure\u00a0Development\u00a0Cess). The\u00a0announcement\u00a0stated\u00a0that\u00a0the\u00a0higher\u00a0tariffs\u00a0would\u00a0take\u00a0effect\u00a0on\u00a0January\u00a022.  <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6,67,89],"tags":[],"class_list":["post-9483","post","type-post","status-publish","format-standard","hentry","category-business","category-header","category-national"],"gutentor_comment":0,"yoast_head":"\nGovt Raises Import Duty On Gold, Silver Findings To 15 Pc<\/title>\n<meta name=\"description\" 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