Gold imports resume after 4 days as govt reverts to tariff value-based duty

The assumption that duty would now have to be worked out on the basis of transaction value had created confusion, prompting several importers to put orders on hold

Gold imports, which had halted after the Budget was announced, have resumed today, with the government amending a notification to move back to the tariff value-based duty calculation method for bullion.

Increase in import duty on gold and silver and removal of certain entries in previous notifications prompted customs officials and the market to assume that duty would now have to be calculated on the basis of transaction value. This created confusion and several importers put their orders on hold.

However, instead of issuing any clarification on the confusion, late last evening another non-tariff notification was issued,