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Centre Revises Customs Duty on Gold, Silver, and Platinum Findings

The Ministry of Finance has revised customs duty rates for precious metal findings, effective May 13. Gold and silver findings will attract a 5% duty, while platinum findings are set at 5.4%. A concessional 4.35% duty is established for precious metal spent catalysts, subject to strict end-use compliance. Importers must also produce environmental clearance certificates for recycling or recovery purposes.

Key Points: 5% Duty on Gold, Silver, Platinum Findings

  • 5% duty on gold and silver findings
  • 5.4% duty on platinum findings
  • 4.35% duty on precious metal spent catalysts with compliance
  • Environmental clearance mandatory for spent catalyst imports
2 min read

Centre revises customs duty on precious metals; Puts 5% duty on Gold, Silver, Platinum findings

India revises customs duty on precious metal findings: 5% on gold & silver, 5.4% on platinum. New rules effective May 13.

"For the purposes of this entry, gold, silver or platinum findings mean a 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 - Ministry of Finance"

New Delhi, May 13

The Ministry of Finance has updated the customs duty rates for various precious metals and jewellery findings, which comes into effect today, May 13.

Under the revised schedule, gold and silver findings will now attract a 5 per cent duty, while platinum findings are set at a rate of 5.4 per cent. The notification also establishes a 4.35 per cent duty for precious metal spent catalysts, a rate contingent upon the strict fulfillment of specified compliance criteria.

The notification provides a precise definition for the items subject to these new rates to ensure clarity in trade and taxation.

"For the purposes of this entry, gold, silver or platinum findings mean a 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 official notification stated.

For the import of spent catalysts or ash containing precious metals, the lower rate of 4.35 per cent is tied to rigorous end-use requirements. The importer must adhere to the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, to qualify for this rate.

"Provided further that the importer at the time and place of clearance: -- (a) gives an undertaking to the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, regarding percentage of precious metals contained in spent catalyst or Ash containing precious metal being imported and to the effect that the said goods are imported for recovery of precious metals," the Ministry of Finance directive noted.

The regulatory framework also mandates environmental clearances for these specific imports. The Ministry has made it mandatory for importers to provide documentation proving that the materials are being handled for legitimate recycling or recovery.

The importer "produces a certificate from the Ministry of Environment, Forest and Climate Change before the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, permitting import of spent catalyst or Ash containing precious metal for recovery or recycling purposes," the document explained.

- ANI

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Reader Comments

S
Sarah B
Interesting move by the government. The 4.35% duty on spent catalysts for recovery seems like a smart environmental policy - encouraging responsible recycling while still taxing. But I wonder how many small recyclers will actually meet all those compliance criteria? The paperwork sounds heavy.
R
Ravi K
As someone who works in gem testing, this is a positive step. The old system had too many loopholes - people importing gold under 'findings' to dodge duties. Plus making environmental clearance mandatory for catalyst imports is long overdue. We need more such transparent policies in our tax system. Ab samajh aa gaya hai kya kya karna hai!
M
Michael C
Standardizing definitions is good for trade, but let's be honest - this is also a revenue move. Gold imports have been rising and the government wants its cut. The 5% on platinum findings seems oddly specific at 5.4% though. Why not round it? Seems like unnecessary complexity in the name of precision.
P
Priya S
Ha! My father is a goldsmith in Jaipur and he always says 'sarkar ko kuch na kuch toh chahiye'! But honestly, if this means less corruption at customs counters, I'm all for it. The definition of findings is crystal clear now - no more 'yeh finding hai ya nahi' arguments at the airport. Just hope implementation is as clean as the policy.
D
Deepak U
The environmental angle is crucial here. Precious metal recovery from spent catalysts without proper clearance is a disaster waiting to happen - toxic chemicals, illegal refineries. Kudos for tying the lower duty rate to MoEFCC certification. Paisa b

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