Govt lowers import tariff value of gold

The government on Friday slashed the import tariff value of gold marginally to $550 per 10 grams amid weak global prices of the precious metal.

The tariff value of silver has, however, been hiked marginally to $1,062 a kg.

The tariff value is the base price on which the customs duty is determined to prevent under-invoicing.

During November, tariff value of gold stood at $561 per 10 grams and of silver at $1,058 a kg. The Central Board of Excise and Customs ( CBEC) on Friday issued a notification in this regard.

Apart from precious metals, the government also reduced the import tariff value of RBD palmolein to $872 per tonne from $887 a tonne in the last month.

The import tariff value of brass scrap has been increased to $4069 per tonne from $4,029 a tonne in the review period.

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