Govt. hikes import duty on gold, silver to 10%

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Shivani
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Govt. hikes import duty on gold, silver to 10%

#1 Postby Shivani » Tue Aug 13, 2013 3:43 pm

This is the third time in eight months when the Government hiked import duty on refined gold bars to 10 per cent from the earlier 8 per cent, on Tuesday..the import duty has also been raised on Silver to 10 per cent from the earlier 6 per cent, and the factory gate duty on gold bars to 9 per cent from 7 per cent.

From this duty hike Govt. expects a revenue of Rs 4830 crore ($790 million) for the rest of the financial year ending March 31, 2014.India is the worlds biggest importer of Gold, so this measure has also been taken to curb the demand of Yellow metal in the which is the second biggest imported item after crude oil.

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