New Delhi: Presenting the Union Budget 2021-22, Finance Minister Nirmala Sitharaman announced that the customs duty on gold and silver will be rationalised to bring them closer to previous levels.
The move will reduce the prices of the precious metals.
"Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising custom duty on gold and silver," she said.
The customs duty on gold and silver will be reduced from the exiting 12.5 per cent to 7.5 per cent. Gold dore bars and silver dore bars will attract customs duty of 6.9 and 6.1 per cent, respectively, as opposed to the existing rates of 11.85 per cent and 11 per cent respectively.
These three items will also attact Agriculture Infrastructure and Development Cess at the rate of 2.5 per cent.
Customs duty on gold and silver findings will be halved to 10 per cent from the current 20 per cent.