By Admin 
Gold Silver Import Duty: The government has finally reduced the import duty for gold and silver. This was disclosed in a notification issued by the Central Board of Indirect Taxes and Customs (CBIC). Under this, the base import price of gold has been reduced by about $ 50 to Rs 1518 per 10 grams.
Whereas the price of silver has been reduced by more than 800 dollars to 2657 per kg. These prices will be applicable to gold and silver imported in any form under the prescribed tariff heading. Amid rising prices of gold and silver across the world, the reduction in the burden of import duty is indeed a matter of relief.
How much has the import duty been reduced?
This reduction in import duty will also be applicable to high-purity gold bars and coins, and silver bullion and medallions. However, it does not include jewellery, articles made of precious metals and imports through post, courier or baggage. The base import price of silver was last revised on January 27, while gold prices were last reset on January 22. The government usually revises the base import prices of precious metals every fortnight.
Demand for gold and silver in India
There was a demand for reduction in import duty of gold and silver for a long time. The Gem and Jewelery Export Promotion Council (GJEPC) in its recommendations in the budget had demanded reducing the total import duty on gold, silver and platinum to 4 percent.
India is the second largest consumer of gold and the largest market of silver in the world. India fulfills its demand for gold mostly through imports. Similarly, more than 80 percent of the silver requirements are met only through supplies from abroad. According to a study by CRISIL Ratings, retail sales volume is expected to grow at the rate of 5–7 percent in 2026-27.
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