India has increased customs duties on precious metals, including a 5% tax on gold and silver, marking a significant shift in the customs duty framework.
Customs Duty Raised on Precious Metal Findings
The Government of India has announced an increase in customs duties on precious metal findings. Gold and silver duties have been raised to 5%, while platinum is now subject to a 5.4% duty, and catalyst materials have a duty of 4.35%.
This legislation follows a series of amendments to previous notifications from 2018 and 2021, aiming to update and refine the customs duty framework within the precious metals sector. The change reflects the government's strategy to regulate and control the import of precious metals more effectively.
Practitioners in the field should prepare for these updates as they may have significant implications for import costs, pricing strategies, and compliance requirements for businesses handling precious metals.
Citations
- Notification on Customs Duty (2026) Government of India
