Through a very recent Notification, the Central Board of excise and Customs (CBEC) withdrawn the concessional rate of 4% CVD exemption on Gold coins having purity not below 99.5 and Gold findings.
The Notification levies 10% duty on gold bars other than tola bars, bearing manufactures’ or refiners engraved serial number and weight expressed in metric units and gold coins having gold content not below 99.5 and Gold findings.
The Notification has no application over such goods which are imported through post, courier or baggage.
Interestingly, on the same day, the Board had issued notification exempting branded gold and silver coins of purity 99.5 and above on the very same day. The move was appreciated by the economy assuming that it will help the industry and consumers alike.
The withdrawal of CVD exemption might be a bold step from the Government to encourage and promote the gold manufacture in India.
Read the full text of the notification below.
