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Published on 3/10/2022 8:55:25 PM | Source: Reuters

India raises import duty on platinum to 15.4%

Posted in Commodities| #Gold #India #Tax #Platinum

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MUMBAI (Reuters) - India has raised total import duty on platinum to 15.4% from 10.75%, the government said in a notification on Monday, seeking to bring parity in import duty structure between gold and platinum.

In July, New Delhi raised import duty on gold to 15% but then kept the tax on platinum imports unchanged at 10.75%.

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.