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  3. CBEC trims import duty on gold findings to 4%

CBEC trims import duty on gold findings to 4%

21 Sep 2012 Evaluate

The Central Board of Excise and Customs (CBEC) has reduced the import duty on gold bars to 4% from 10%, a development which will promote jewellery exports. CBEC has trimmed down the import duty on gold bars, gold coins having gold content not below 99.5% 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 government decision to reduce the import duty on gold findings has been accepted gladly by Gem and Jewellery Export Promotion Council (GJEPC) as the high duty on findings had portrayed an adverse effect on the total export of jewellery from the country. Gems and Jewellery exports stood at 14% of the total exports earnings of the country.

The import duty on gold findings has been rising over the last two years. The price was increased on January 16, 2012, from Rs.750 per 10 grams to 5% which was afterward raised to 10% in the Union Budget 2012-13 Union Budget.

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