Govt cuts tariff value of gold and silver
The tariff value, which is released fortnightly, is the base price on which the customs duty is determined, to prevent under-invoicing. During December, the tariff value of gold was $550 per 10 gm, while silver was $1,062 per kg.
The Central Board of Excise and Customs (CBEC) on Tuesday issued a notification in this regard.
The government decided to reduce the import tariff value of precious metals following volatile price trend in the international market.
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