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The government has raised import taxes to 15% on gold and silver findings and coins made of precious metals. This includes a 10% Basic Customs Duty (BCD) plus an extra 5% under the All Industry Duty Drawback (AIDC) if the Social Welfare Surcharge (SWS) is not applicable.
A notification released on Monday states that the import tariff on used catalysts containing precious metals has been increased to 14.35%.
This comprises a 10% basic customs duty (BCD) and an additional 4.35% under the All Industry Duty Drawback (AIDC), as well as an exemption from the Social Welfare Surcharge (SWS).
The changes, effective from January 22, 2024, aim to regulate imports and support the domestic economy.
In this context, import duty refers to the taxes or tariffs imposed by a government on goods and commodities imported into the country. These duties are typically levied to regulate trade, protect domestic industries, generate revenue for the government, and influence economic activities.
While Basic Customs Duty (BCD) is a standard duty applied to import goods, the All Industry Duty Drawback (AIDC) is an additional duty that may be imposed to counterbalance the impact of other duties or taxes on the cost of production.
Social Welfare Surcharge is a duty imposed to finance social welfare programs.
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