Govt lowers import duty on 'gold findings' to 4%
New Delhi: The government has lowered the customs duty on 'gold findings' to 4 percent from 10 percent, a development which the industry says will promote jewellery exports.
The Central Board of Excise and Customs (CBEC) has lowered the import duty on gold bars, gold coins having gold content not below 99.5 percent and gold findings, other than imports of such goods through post, courier or baggage.
Gold findings are small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of jewellery in place.
"The high duty on findings had started depicting an adverse effect on the total export of jewellery from the country," Gem and Jewellery Export Promotion Council (GJEPC) Chairman Rajiv Jain said, while welcoming the government decision to reduce the import duty to 4 percent.
Gems and jewellery export account for 14 percent of the total exports earnings of the country, Jain said.
The import duty on gold findings has been increasing over the last two years.
In the Union Budget for the year 2010-11, first, it was increased from Rs 500/10 gms to Rs 750/10gms.
The same was increased on January 16, 2012 from Rs 750/10gms to 5 percent which was subsequently increased to 10 percent in the 2012-13 Budget.