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Import duty increased on silver dores, bars to align them with that on Gold and Platinum

  • 01 Feb 2023
  • Edukating Team
  • 219

The government on Wednesday announced increasing the basic customs duty on silver, both in dore and semi-manufactured form, to 10 per cent in order to curb imports. Currently, the basic customs duty on silver dore is 6.1 per cent, while on silver unwrought or semi-manufactured items it is 7.5 per cent.In her Budget speech for the 2023-24 fiscal, finance miniser Nirmala Sitharaman said customs duties on dore and bars of gold and platinum were increased earlier this fiscal.

"I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum," she said.

The basic customs duty on both silver dore and simi-manufactured items will be increased to 10 per cent.

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