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The government today increased import duty on gold, silver and platinum to 10% with a view to arrest the declining value of rupee and contain the fiscal deficit to 3.7% of the GDP.
"...The basis customs duty on standard gold and platinum (increased) from 8% to 10% and on silver from 6% to 10%", said a notification issued by the Finance Ministry.
The government has also raised the duty on gold ore/ concentrates/dore bars and silver dore bars ranging from 7% to 10%.
"The revenue implications of these changes are estimated at Rs 4830 crore for the remaining part of the financial year at current levels of import", the Ministry said.
