Gold, silver import duty hike: Govt nets ₹10,463 crore in revenue between May 13 and August 2
The import duty on gold and silver had been hiked to 15 per cent, from 6 per cent, and that on platinum to 15.4 per cent from 6.4 per cent, with effect from May 13.
The Indian government collected an impressive ₹10,463 crore as customs duty on gold, silver, and platinum imports between May 13 and August 2, according to Parliament on Monday. This significant revenue boost came after the government raised the import duty on these precious metals, with gold and silver seeing a hike to 15% and platinum to 15.4% from May 13.
The government's decision aimed to curb discretionary imports and prioritize essential imports such as crude oil, fertilizers, industrial raw materials, and capital goods. The hike in import duty on gold and silver also impacted other related items like gold and silver dore, coins, and findings. Between May 13 and August 2, the government collected Rs 10,040 crore as customs duty on gold, while Rs 328 crore and Rs 95 crore were collected from silver and platinum respectively.
A total of 161 kg of smuggled gold was seized during this period, with 116 individuals arrested. The government's move was driven by the escalation of the war in West Asia and the effective blockade of the Strait of Hormuz, which led to a surge in crude oil and food, fertiliser, and industrial raw material imports, causing a substantial outflow of foreign exchange.
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- Gold, silver import duty hike: Govt nets ₹10,463 crore in revenue between May 13 and August 2 thehindubusinessline.com
