CBIC imposes AIDC on Precious Metals [Read Notification]

The CBIC has amended the notification no. 11/2021 to impose AIDC on certain precious metals
CBIC AIDC on precious metals - Impact of AIDC on precious metal prices - Customs duty and AIDC on gold and silver - CBIC announcement on AIDC for gold and silver - taxscan

The Central Board of Indirect Taxes and Customs ( CBIC ) has amended the Notification no. 11/2021 to impose Agriculture Infrastructure and Development Cess ( AIDC ) on Spent catalyst or ash containing precious metals, Gold or silver findings and Coins of precious metals.

The same was conveyed through official gazette notification no. 05/2024 – Customs dated 22nd January 2024. According to the amendment, following are the rates imposed in the way of AIDC on the metals:

7112Spent catalyst or ash containing precious metals4.35%
7113Gold or silver findings Explanation: For the purposes of this entry, “gold or silver findings” means 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 place5%
7114Coins of precious metals5%
Subscribe Taxscan Premium to view the Judgment

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates