Gold, Silver, Platinum Duty Earns Govt Rs 10,463 Crore Since May 13

Gold, silver import duty hike: Govt nets ₹10,463 crore in revenue between May 13 and August 2

The import duty on gold and silver had been hiked to 15 per cent, from 6 per cent, and that on platinum to 15.4 per cent from 6.4 per cent, with effect from May 13.

Govt collects Rs 10,463 crore from higher gold, silver import duty

Between May 13 and June 30, agencies registered 287 cases of illegal gold imports, seizing 160.91 kg of gold and arresting 116 persons

Gold, silver, platinum duty earns govt Rs 10,463 crore since May 13

Government collected Rs 10,463 crore in customs duty on precious metal imports. Gold imports generated Rs 10,040 crore, while silver and platinum added Rs 423 crore. Import duties on gold and silver were raised to fifteen percent in May. This move aimed to curb discretionary imports and conserve foreign exchange reserves. Authorities also seized 161 kg of smuggled gold and made arrests.

Gold import duty hike helped Centre collect Rs 10,000 crore in under 3 months

The Centre’s overall customs duty revenue in May-June was Rs 40,317 crore, up 42% year-on-year.

Customs duty on gold, silver, platinum tops Rs 10,460-cr

In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said customs duty collections during the period stood at Rs 10,040 crore on gold, Rs 328 crore on silver and Rs 95 crore on platinum.