The Government has increased the customs duty on gold and silver bullion to 15% through revised notifications effective from May 13, 2026. This update standardizes the duty structure that pertains to various import conditions.
Customs Duty on Gold & Silver Raised to 15%
On May 13, 2026, the Indian Government issued notifications raising the effective customs duty on gold and silver bullion to 15%. This amendment applies across the board through revised Basic Customs Duty (BCD), Social Welfare Surcharge (SWS), and Additional Customs Duty (AIDC) structures, altering the duty landscape for these precious metals.
The modifications come at a time when the Indian economy faces pressures on foreign exchange reserves and fluctuating oil prices. Importers and stakeholders in the jewellery industry may need to reassess their strategies in light of the increased costs associated with imports of gold and silver.
Legal practitioners should note that any pre-existing agreements regarding import duties may require reevaluation and potential renegotiation to accommodate this new tax structure. Additionally, compliance with the updated duty rates will be critical for businesses involved in the importation of these commodities.
Citations
- Notification 12/2026-Customs
