India increases import duty on gold and silver findings, coins of precious metals to 15%

The government has increased import duties on gold and silver findings, as well as coins of precious metals, to 15%. This comprises a Basic Customs Duty (BCD) of 10% and an additional 5% under the Agri Infrastructure Development Cess (AIDC), with an exemption from the Social Welfare Surcharge (SWS).

For spent catalysts containing precious metals, the import duty has been raised to 14.35%, according to a notification issued on Monday.

This includes a 10% Basic Customs Duty (BCD) and an additional 4.35% under the Agri Infrastructure Development Cess (AIDC), with an exemption from the Social Welfare Surcharge (SWS).

Import duty, in this context, refers to the taxes or tariffs imposed by a government on goods and commodities imported into the country. These duties are typically levied to regulate trade, protect domestic industries, generate revenue for the government, and influence economic activities.

While Basic Customs Duty (BCD) is a standard duty applied to the import of goods, the Agri Infrastructure Development Cess (AIDC) is an additional duty that may be imposed to counterbalance the impact of other duties or taxes on the cost of production.

Social Welfare Surcharge is a duty imposed for the purpose of financing social welfare programs.