India Raises Import Duty on Gold
Customs Duty on Gold Depends on Duration of Stay Abroad
India's import duty on gold is now 12%
India raised the import duty on gold to 12% from 10% on July 4th. This move is aimed at reducing the country's trade deficit and boosting domestic gold production.
The new duty rate will apply to all gold imports, including bullion, coins, and jewellery. However, there is an exemption for gold imported by passengers arriving from abroad. Passengers can import up to 1 kg of gold without paying any duty if they have been out of the country for at least six months.
The government has also increased the import duty on silver from 8% to 10%. This move is aimed at protecting domestic silver miners.
India is the world's second-largest consumer of gold. The country imports around 800 tonnes of gold every year. The increase in import duty is expected to reduce gold imports and help the government's efforts to reduce the trade deficit.
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