caalley logo

The alley for Indian Chartered Accountants

India raises import duty on platinum to 15.4%

Last Updated: Oct 03, 2022, 07:11 PM IST

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.


Don't miss an update!
Subscribe to our newsletter