Finance Minister Nirmala Sitharaman on July 23 announced to fully exempt 25 critical minerals from custom duties, and reduce basic custom duties on two of them. These critical minerals include antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, hafnium, indium, lithium, molybdenum, niobium, nickel, potash, rare earth elements, rhenium, strontium, tantalum, tellurium, tin, tungsten, vanadium, zirconium, selenium, cadmium, and silicon. On …
Union Budget 2024: Finance Minister Nirmala Sitharaman presented the Union Budget for 2024 on Tuesday, with a focus on affordability and economic inclusivity. Basic customs duties on precious metals such as gold and silver have been reduced to 6 per cent, while the duty on platinum has been adjusted to 6.5 per cent. In addition, customs duties on precious metals …
Union Finance Minister Nirmala Sitharaman on Tuesday presented the Budget 2024-25 in the Lok Sabha and addressed the House. Read her full speech here: Sitharaman proposed to reduce customs duties on gold and silver to six per cent and on platinum to 6.4 per cent to enhance value addition in precious metal jewellery. "To enhance domestic value addition in gold …
The story so far: In a move towards standardisation and preventing the circumvention of duty, the Finance Ministry on Tuesday hiked import duties on gold and silver findings and coins of precious metal to 15%. As observed in the Ministry of Commerce’s Trade Stat database, import of unwrought gold and/or gold in semi-manufactured form in October 2023 rose 95.41% on …
