Are you planning to buy gold and silver coins, now you will have to pay more tax
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Gold-Silver Coin
The price of gold and silver is almost stable in the month of January. Even after this, if you are planning to buy gold and silver coins then you may have to pay more money. Actually, the government has increased the tax on it.
Tax increased by five percent
The government has increased the import duty on gold and silver products like pins, hooks (findings) and coins to 15 percent by imposing five percent agricultural infrastructure development cess.
Tax increased on findings containing precious metals
The Central Board of Indirect Taxes and Customs (CBIC) said in a notification that the import duty on used catalysts containing precious metals has also been increased. Now 4.35 percent Agricultural Infrastructure Development Cess (AIDC) has been imposed on it.
Why did the government impose tax?
AIDC has been imposed in addition to the basic customs duty of 10 percent with the aim of bringing the import duty on precious metals at par with bullion. Gold or silver ‘findings’ refer to small products such as hooks, clamps, pins or screw backs, which are used to hold together or hold all or part of a piece of jewellery.
Tax started from 22nd January
Imposed by the Central Government, the additional fee has come into effect from January 22. In the Budget 2021-22, the government had proposed to impose IDC cess on some products to finance agricultural infrastructure.
What is the price of gold and silver today?
Today the price of ten grams of 24 carat gold is stable at Rs 63,050 and the price of 22 carat gold is stable at Rs 57,800. Whereas, the price of one kg silver has increased to Rs 75,000.
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