Gold and silver will be among the commodities that will be available for cheaper from the financial year 2021-22 as the central government reduced the customs duty on those items.
Finance Minister Nirmala Sitharaman on Monday presented the Union Budget 2021, which included provisions for lowering customs duty.
“Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising custom duty on gold and silver,” Sitharaman said.
The finance minister announced a reduction on customs duty on products of non-alloy and steel to a flat rate of 7.5%, while the duty on copper scrap reduced from 5% to 2.5%.
“Reducing customs duty uniformly to 7.5% on semis, flux and long products of non-alloy, alloy and stainless steel. To provide relief to metal recyclers, mostly MSMEs, I’m exempting duty on steel scrap up to March 31, 2022. I am also revoking ADD and CBD on certain steel products,” she said.