(a): the percentage of duty levied on the import of gold and jewellery;
(b): whether duty levied on the raw gold is more than the readymade jewellery;
(c): if so. the details thereof;
(d): the reaction of the Government thereto; and
(e): the steps proposed to be taken by the Government in this regard?
MINISTER OF STATE IN THE MINISTRY OF FINANCE(SHRI S.S. PALANIMANICKAM)
(a): Basic customs duty on serially numbered gold bars is Rs. 100 per 10 gram.
Gold in other forms attracts basic customs duty of Rs. 250 per 10 gram. Education cess
@ 3% of the aggregate of duties of customs is also levied on gold.Readymade jewellery
attracts basic customs duty @ 10% ad-valorem. In addition, 2% countervailing duty
(in lieu of excise duty) is attracted on branded jewellery. Education cess @ 3% of
the aggregate of duties of customs and 1% additional duty of customs is also leviable
onjewellery.
(b): No, sir.
(c),(d) Does not arise, in view of (b) above. &(e)