Govt changes import duty valuation for gold and silver after Budget

New method aims to plug loophole that allowed importers to pay a lower duty.

The government has altered the rule for import duty valuation on import of gold and silver. A customs notification in this regard was issued on Saturday, a day after presentation of the Union Budget.

Earlier, the duty was based on tariff value. This has been changed to the actual value at which the selling bank bills these. Refineries which import dore (unrefined gold) will continue to pay duty as in the earlier method. 

Till now, the duty was according to the fortnightly tariff rate announced by the government, based on the past 15 days’ average price. Hence, at the time