India Increases Import Duty on Gold and Silver to 15%

New Delhi. The Indian government has increased the customs duty on the import of gold and silver from 6 percent to 15 percent. According to a government order issued on Tuesday, this decision has been taken to reduce the growing trade deficit and to prevent the weakening Indian rupee from further decline.

The government has imposed a 10 percent basic customs duty and a 5 percent Agriculture Infrastructure and Development Cess. Thus, the total effective tax has reached 15 percent. Earlier, the tax was reduced to 6 percent around mid-2024.