What is the Import duty of Gold, Silver, Oil and Gas in India
After Budget 2019
Import duty to be hiked on gold and precious metals to 12.5%, from current level of 10%.
India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery sector.
India imported gold worth $32.8 billion during 2018-19
The import duty on silver to 10 per cent from the earlier 6 per cent, and the factory gate duty on gold bars to 9 per cent from 7 per cent.
Gold is second biggest imported item after crude oil
India imports oil as a Crude oil.. The Crude oil rate is 5 to 10 percent