Govt revises tariff rates for gold, silver

On Friday the govt changed the tariff value, the base import prices of commodities, including gold and silver.

The Dollar Business Bureau

The Government on Friday changed the tariff value – the base import prices of a commodity - of several products including gold and silver.

The tariff value for gold has been revised to $430 per 10 grams from $428 per 10 grams and for silver to $620 per kilogram from $612 per kilogram.

The government revises the tariff rates for certain goods from time to time, which is usually done every fortnight. The changes are made considering the changes in foreign currency rates, the movements in the international markets and on the basis of average price or wholesale price of various manufacturers as the government may consider right.

The tariff value is a national value used to calculate the duty payable on these goods. Once the tariff value for a particular commodity is fixed, the duty needs to be paid as percentage value of the commodity.

The other products on which the government revised tariff value included crude palm oil, RBD palm oil, brass scrap, poppy seeds and areca nuts.

The Dollar Business Bureau - Sep 16, 2016 12:00 IST