Gold & Silver Import Duty Increased by 15% - New Rates Come Into Effect Today
In a major announcement, the Union Finance Ministry has increased the customs duty on gold and silver products by 15%. The revised duty rates have officially come into effect from today, leading to expectations of a rise in gold and jewellery prices across India.
The increase in import duty is expected to impact the jewellery sector, bullion traders, and consumers planning to purchase gold ornaments or silver items. Industry experts believe the move could lead to higher retail prices in the coming days as import costs rise.
India is one of the world’s largest consumers of gold, and any change in customs duty directly affects domestic gold rates and jewellery prices. The latest revision is likely to influence market demand, festive season purchases, and investment trends in precious metals.
Key Highlights
- Customs duty on gold and silver increased by 15%
- New duty rates effective from today
- Union Finance Ministry issued the announcement
- Gold jewellery and silver prices may rise
