Govt increases gold import tariff value to $442/10 gram
31 Oct 2013 10:57 PM GMT
Amid short supply of gold in domestic market during the festival season, the government on Wednesday hiked the import tariff value of gold to $442 per 10 gram in line with global prices of the precious metal.
The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $418 per 10 gram for gold during the last fortnight.
The notification in this regard has been issued by the Central Board of Excise and Customs, an official statement said.
However, the import tariff value of silver has been kept unchanged at $699 per kg. Similarly, the tariff value of other imported items such as brass scrap and some edible oils has also been kept unchanged.
The tariff value on imported gold has been revised upward taking into account the price volatility of the metal in the global market.
The tariff value, the base price at which the customs duty is determined to prevent under-invoicing, stood at $418 per 10 gram for gold during the last fortnight.
The notification in this regard has been issued by the Central Board of Excise and Customs, an official statement said.
However, the import tariff value of silver has been kept unchanged at $699 per kg. Similarly, the tariff value of other imported items such as brass scrap and some edible oils has also been kept unchanged.
The tariff value on imported gold has been revised upward taking into account the price volatility of the metal in the global market.
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