India raises import duty on platinum to 15.4% from 10.75%
1 min read 03 Oct 2022, 08:06 PM ISTIn July, the government had raised import duty on gold to 15 per cent. However, it had kept the tax on platinum imports unchanged at 10.75 per cent
PremiumThe total import duty on platinum has been raised to 15. 4 per cent, the government said in a notification on Monday.
The import duty on platinum was at 10.75 per cent earlier. This move is to bring parity in import duty structure between gold and platinum.
In July, the government had raised import duty on gold to 15 per cent. However, it had kept the tax on platinum imports unchanged at 10.75 per cent.
India's platinum imports in September jumped multifold to a record high as refiners imported a large amount of gold containing small amounts of platinum but registered the purchases with customs as platinum alloy to avoid paying higher duties, government and industry officials told Reuters.
In entire 2021 India had imported 10.59 tonnes of platinum, according to data compiled by Ministry of Commerce and Industry.
