Gold, Silver: The government’s decision to increase customs duty on gold, silver, and platinum has resulted in a significant increase in revenue for the government treasury. According to information provided in Parliament, between May 13 and August 2, the government collected a total of ₹10,463 crore in customs duty revenue on imports of these three precious metals.
Minister of State for Finance gave details in Parliament
In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said that the customs duty rates were revised on May 13. Between May 13 and August 2, ₹10,040 crore was collected from customs duty on gold alone. During the same period, customs duty of ₹328 crore was collected on silver and ₹95 crore on platinum. In total, the government has earned revenue of ₹10,463 crore from these three metals.
Revenue figures from precious metals:
Gold imports generated customs duty revenue of ₹10,040 crore.
Silver imports generated customs duty revenue of ₹328 crore.
Platinum recorded a collection of ₹95 crore.
Total revenue: The total collection from the three metals was ₹10,463 crore.
How much was the import duty increased?
Effective May 13th, the government increased the import duty on gold and silver from 6% to 15%. Additionally, the customs duty on platinum was increased from 6.4% to 15.4%. This decision also implemented necessary changes on gold and silver dowels, coins, and other extractions.
The main reason for
the tariff hike was to restrict non-essential imports. The government wanted to conserve its foreign exchange for the import of essential goods such as crude oil, fertilizers, industrial raw materials, and capital goods. The war in West Asia and the effective blockade of the Strait of Hormuz had significantly increased the import prices of crude oil, food, and fertilizers.
Crackdown and seizure of gold smuggling:
The government stated that strict action was taken against smugglers between May 13 and June 30. During this period, 161 kilograms of smuggled gold was seized and 116 people were arrested. India is the second largest consumer of gold in the world after China, with high demand due to the jewellery industry. Such imports drain a significant amount of foreign currency from the country.
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