India, the world's biggest consumer of gold, today announced an increase in the tariff value or the base price of import for calculation of customs duty, for gold by 5.7 per cent to $556 per 10 gm and that of silver by nearly 12 per cent to $1,067 per kg.
The Central Board of Excise and Customs (CBEC), today issued a notification regarding the changes in tariff value of imports of gold and silver, brass scrap (all grades), poppy seeds, palm oil etc.
For gold and silver imports currently enjoying exemption on imports into India (except through post, courier or baggage), which enjoy the benefits of exemption from the whole of the additional duty of customs leviable thereon, the new tariff value is up at Rs556 per 10 gram and Rs1,067 per kg, respectively.
The government also raised the tariff value of brass scrap (all grades) to Rs4,078 per tonne and that of poppy seeds to Rs2,205 per tonne.
The tariff value of palm oil and soyabean oil of all types, including crude palm oil, RBD palm oil, RBD palmolein and crude soyabean oil, have been kept unchanged at their levels.
Base price is the rate at which imports are taxed, irrespective of the purchase price, to prevent under-invoicing.