The government today announced a marginal reduction in the import tariff value of gold and silver to $539 per 10 gm and $979 per kg, respectively, in a bid to tame price volatility and ensure avoidance of underinvoicing.
The Central Board of Excise and Customs (CBEC) today issued a notification in this regard. The tariff value of gold in December was $550 per 10 gm, while for silver it was $1,062 per kg.
The tariff value, which is fixed on a fortnightly basis, is the base price on which customs duty levied on imported goods.
The CBEC also announced a reduction in the import tariff value of RBD palmolein and poppy seeds to $835 per tonne and $4870 per tonne, respectively.
Last month, the tariff value of RBD palmolein was at $872 per tonne and that of poppy seed $5,346 per tonne.
However, the CBEC increased the tariff value of brass scrap to $4,090 per tonne from $4,069 per tonne in December.