Govt hikes import tariff value of gold
New Delhi: In the wake of rising global prices of precious metals, the government Thursday hiked import tariff value of gold to USD 531 per 10 grams, while the value was kept unchanged at USD 899 per kg for silver imports.
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing. During May, the tariff value of gold stood at USD 507 per 10 grams.
The Central Board of Excise and Customs (CBEC) issued a notification today in this regard, an official release said.
After crude oil, gold is the most imported commodity in India in terms of value.
In January, the government had changed the duty structure on gold and silver from specific to value-linked, making precious metals more expensive.
At present, import duty on gold and silver stands at 4 percent and 6 percent of the value, respectively.
India, the world's biggest consumer of gold, imported 967 tonnes of gold in 2011.
At present, global prices of gold are ruling firm at USD 1620 per ounce (28.34 grams) in London.