The government today slashed the import tariff value of gold to $535 per 10 g and reduced the rate for silver marginally to $1,003 per kg due to weakening global prices of precious metals.
The tariff value is the base price on which the customs duty is determined to prevent under-invoicing.
In the last fortnight, the tariff value of gold was $545 per 10 gram, while silver was $1,018 per kg. The Central Board of Excise and Customs (CBEC) issued a notification in this regard.
However, the government has increased the import tariff value of RBD palmolein to $912 from $870 per tonne in the last fortnight, while the tariff value of brass scrap was lowered to $4,074 from $4,077 per tonne.