Buying gold and silver jewelery will be expensive, Govt increases import duty – India TV Hindi

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Buying gold and silver has become more expensive than before as the government has increased the import duty on gold and silver hooks, pins, coins to 15%. The new import duty has come into effect from January 22. In such a situation, the price of gold jewelry can be seen to increase.

News agency PTI has reported that the government has imposed a 5 percent agricultural infrastructure development cess on gold and silver ‘findings’. ‘Findings’ refers to small products such as hooks, clamps, pins or screwbacks, which are used to hold or hold a piece of jewelery together.

CBIC issued notification.

The Central Board of Indirect Taxes and Customs (CBIC) said in a notification that the import duty on spent catalysts containing precious metals has also been increased. Now 4.35% Agricultural Infrastructure Development Cess (AIDC) has been levied on it. AIDC has been imposed with a target of bringing the import duty on precious metals to Rs. We inform you, in the budget 2021-22, the government proposed to levy IDC cess on certain products to finance agricultural infrastructure.

What will be the effect on gold and silver prices?

The government’s increase in import duty on gold and silver ‘findings’ will have no impact on gold and silver prices, but the use of imported gold and silver components in jewelery will increase prices. This will increase the prices of gold and silver jewellery.

Price of gold and silver

According to the Indian Bullion Jewelers Association, the price of 24 carat gold on January 23 was Rs 62,360 per 10 grams. Along with this, silver price stood at Rs 71,228 per kg.

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