Budget 2023 : CBIC Amend notification No. 57/2000-Customs which exempts gold, silver and platinum imported under specified schemes

Last updated: 01 February 2023

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The Central Board of Indirect Taxes and Customs (CBIC) has amended Notification No. 57/2000-Customs, reducing the customs duty on imported gold, silver, and platinum under specified schemes. Effective from 2nd February 2023, the duty has been revised from 11.85% and 6.1% to a new rate of 9.35%.

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 09/2023-Customs New Delhi, dated the 1st February, 2023 G.S.R.(E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue

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FAQ :

The customs duty rates on imported gold, silver, and platinum under specified schemes have been reduced.

Notification No. 57/2000-Customs has been amended.

The new customs duty rate is 9.35%, replacing the previous rates of 11.85% and 6.1%.

These changes come into effect on the 2nd of February, 2023.

The amendment has been issued by the Central Government under the powers conferred by the Customs Act, 1962.

Notification No : 09/2023-Customs
Source : https://www.indiabudget.gov.in/doc/cen/cus0923.pdf

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