Centre Revises Customs Duty Rates on Precious Metal Imports, Jewellery Goods
New Delhi, May 13:(KNC)The Central Government has issued Notification No. 16/2026-Customs, introducing significant amendments to customs duty rates and tariff entries related to precious metals, jewellery components, and allied goods under the Customs Act, 1962.
Issued by the Ministry of Finance (Department of Revenue), the notification amends earlier Customs Notifications No. 11/2018 and 11/2021 in public interest and will come into effect from May 13, 2026.
According to the notification, tariff headings under serial number 1 have been revised to include goods falling under headings 7107, 7108, 7109, 7111, and 7112. The government has also omitted Serial No. 54A and substituted Serial No. 56A with a fresh entry covering all goods under heading 7118.
Major revisions have also been made in concessional customs duty structures under Notification No. 11/2021-Customs. Duty rates for several categories including gold findings, silver findings, platinum findings, spent catalysts containing precious metals, and related goods have been revised between 4.35 percent and 5.4 percent.
The notification further inserts new serial entries including 15H, 15I, 15J, 15K and 15L covering various categories of gold, silver, platinum and exempted goods under tariff headings 7107, 7109, 7111 and allied chapters.
The Finance Ministry stated that imports of spent catalyst or ash containing precious metals for recycling or recovery purposes would continue to attract concessional duty subject to specified conditions, including certification from the Ministry of Environment, Forest and Climate Change and compliance with Customs Rules, 2022.
Officials said the amendments are aimed at streamlining tariff classifications, rationalising concessional duty structures and ensuring clarity in customs procedures for importers dealing in precious metals and jewellery-related goods.(KNC)
About The Author
