Govt reduces gold duty drawback rate by more than half after revising import duty in Budget 2024

Govt reduces gold duty drawback rate by more than half after revising import duty in Budget 2024

The government has cut the gold duty drawback rate on August  almost a month after revising import duty.

According to the new notification, for gold jewellery, the duty drawback rate has been reduced from ?704.1 per gram of net gold content (with a purity of .995 or more) to ?335.50 per gram, a report by CNBC TV18 said.

The rate for silver jewellery and other silver items has been cut from ?8,949 per kilogram (.999 purity) to ?4,468.10 per kilogram, ensuring consistent rates across silver products, the report said.

The duty drawback rates is an amount aimed to reimburse exporters for the customs duties paid for imported inputs. It is intended to ensure that goods meant for exports are not impacted by domestic taxes. These rates are adjusted according to import duties on gold and silver as mentioned in the budget.

Finance Minister Nirmala Sitharaman in Budget 2024 on July, proposed to cut custom duty on gold and silver to 6%. She further cut down custom duty on platinum to 6.4%.

“To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent,” Finance Minister said during the announcement of the Union Budget 2024.

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