Govt raises duty on gold, silver; hopes to get Rs 4,830 cr
The government today increased import duty on gold, silver and platinum to 10 per cent with a view to arrest the declining value of rupee and contain the current account deficit to 3.7 per cent of the GDP.
"The customs duty on standard gold and platinum (increased) from 8 per cent to 10 per cent and on silver from 6 per cent to 10 per cent", said a notification issued by the Finance Ministry.
The government has also raised the duty on gold ore/ concentrates/dore bars and silver dore bars ranging from 7 per cent to 10 per cent.
"The revenue implications of these changes are estimated at Rs 4830 crore for the remaining part of the financial year at current levels of import", the Ministry said.