The Indianpost

Gold, silver to cost more; govt changes duties to net Rs 600 crore

Gold and silver will become costlier with the government on Tuesday tweaking the customs and excise duty structure on precious metals, a step which will make government richer by Rs 600 crore in the next two-and-half months itself.

On account of changes in duty structure from specific to value-linked, traders said the gold will become expensive by about Rs 250 per 10 gm, silver by Rs 1,600 per kg and imported diamond by 2 per cent. Platinum too will cost more.

As per the changes, customs and excise duty will now be levied on the value of the precious metals instead of a fixed amount, meaning that the incidence of duty will move up with the rise in prices of the goods.

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