In a major move aimed at regulating precious metal imports, the Finance Ministry has announced an increase in import duties on gold, silver, platinum, and other precious metals with immediate effect.
According to the notification issued by the ministry, a 5% import duty will now be imposed on gold and silver imports, while platinum imports will attract a higher duty of 5.4%. The government has also fixed a 4.35% import duty on precious metal used catalysts under compliance norms.
The revised duty structure is expected to impact bullion prices in the domestic market and could influence jewellery manufacturing costs, imports, and investor sentiment. Industry experts believe the move is aimed at strengthening revenue collection and monitoring the inflow of precious metals into the country.
The decision comes amid fluctuations in global bullion prices and increasing demand for precious metals in India’s jewellery and investment sectors.
