Custom duty on gold, silver rationalised

February 01, 2021 13:31

Reducing customs duty uniformly to 7.5% on semis, flux & long products of non-alloy, alloy & stainless steel. To provide relief to metal recyclers, mostly MSMEs, I'm exempting duty on steel scrap up to 31st March 2022. I am also revoking ADD & CBD on certain steel products, FM Sitharaman announced in Budget.

'Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising custom duty on gold and silver.'

'Consequent to imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden. Consequently, unbranded petrol and diesel will attract basic excise duty of Rs 1.4, and Rs 1.8 per litre respectively. The SAED on unbranded petrol and diesel shall be Rs 11 and Rs 8 per litre respectively. Similar changes have also been made for branded petrol and diesel.'

'Domestic electronic manufacturing has grown rapidly. For greater domestic value addition we're withdrawing a few exemptions on part of chargers & sub-parts of mobiles. Further some parts of mobiles will move from nil rate to a moderate 2.5%, Sitharaman said in her Budget speech.

« Back to LIVE

TOP STORIES

So That's Why Sharvari, Vaani Are Looking So Pretty

Are these B-Town's most fashionable floral moments?

Control the controllables: Patidar's mantra for success against SRH

Rajat Patidar struck a quickfire half-century to set up Royal Challengers Bengaluru for a 35-run win over Sunrisers Hyderabad in their IPL match at the Rajiv Gandhi International Stadium on Thursday.

2nd phase of LS poll underway amid heat wave concerns

The IMD has warned of heatwave to severe heatwave conditions in parts of West Bengal, Odisha, Bihar, Jharkhand, Andhra Pradesh, Telangana, Karnataka and Uttar Pradesh during the next five days.

'Modi's Speech Is A Response To Congress Obsession With Vote Bank Politics'

'You want to distort the very fabric of Indian society because you are obsessed with vote bank politics.'

Get Ready For More Romance On OTT!

From Vijay Devarakonda to Kung Fu Panda, Sukanya Verma lists everything you can watch on OTT this week.