Customs Import Duty on Gold in India

Revised Import Duty

India has implemented a revised import duty on gold, setting the current rate at 12%. This announcement follows a series of revisions to the customs import duty on gold in India.

Specific Exemptions

Specific exemptions apply to certain circumstances. For instance, the import of gold by RBI (Reserve Bank of India), gold imported with permission of RBI, gold imported by notified agencies like banks and public sector units, and gold imported as personal baggage up to a certain amount are all exempt from the customs import duty.

Conclusion

The import duty on gold in India is subject to periodic revisions by the government based on various factors such as economic conditions, market trends, and policy goals. Importers and individuals involved in gold trading should stay updated on the latest customs regulations and procedures to ensure compliance and avoid any unintended consequences.