CBIC notifies Increase in Import Duty on Gold

CBIC notifies Increase in Import Duty on Gold The Central Board of Indirect Taxes and Custom(CBIC) Notifies increase in Import Duty on Gold to 12.5 percent from 7.5 percent Vide Notification No. 33/2022-Customs dated 30th June 2022. The Notification is Given Below: G.S.R. 486(E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962) and sub-section (12) of section (3) of the Customs Tariff Act, 1975 (51 of 1975), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30th June, 2017, namely :- In the said notification, in the Table, -

(i) against S. No. 354, in Column (4), for the entry “6.9%”, the entry “11.85%” shall be substituted;

(ii) against S. No. 356, in Column (4), for the entry “7.5%”, at both the places, the entry “12.5%” shall be substituted;

(iii) against S. No. 357A, in Column (4), for the entry “7.5%”, the entry “12.5%” shall be substituted.

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