NEW DELHI: The Ministry of Finance has updated the customs duty rates for various precious metals and jewellery findings, with the revised rates coming into effect from May 13.
Under the revised schedule, gold and silver findings will now attract a 5 per cent customs duty, while platinum findings will be taxed at 5.4 per cent. The notification also fixes a 4.35 per cent duty on precious metal spent catalysts, subject to strict compliance with specified conditions.
The notification provides a detailed definition of the items covered under the revised duty structure to ensure clarity in trade and taxation.
“For the purposes of this entry, gold, silver or platinum findings mean a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of jewellery in place,” the official notification stated.
For imports of spent catalysts or ash containing precious metals, the concessional 4.35 per cent duty rate has been linked to strict end-use conditions. Importers will be required to comply with the Customs (Import of Goods at Concessional Rate of Duty or for Specified End Use) Rules, 2022, to avail of the reduced rate.
“Provided further that the importer at the time and place of clearance: — (a) gives an undertaking to the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, regarding percentage of precious metals contained in spent catalyst or Ash containing precious metal being imported and to the effect that the said goods are imported for recovery of precious metals,” the Finance Ministry notification stated.
The regulatory framework also makes environmental clearance mandatory for such imports. The Ministry said importers must submit documentation proving that the materials are being imported for legitimate recycling or recovery purposes.
The importer “produces a certificate from the Ministry of Environment, Forest and Climate Change before the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, permitting import of spent catalyst or Ash containing precious metal for recovery or recycling purposes,” the notification added.
