The government today raised import duty on gold and silver to curb sales in India.
With this revision, the import duty on gold has now shot up to 10% from the existing 8%. For silver, it is now 10% from 6% now.
Also, excise duty on refined gold produced through processing of dore bar (ores) has been raised from 7% earlier to 9% now.
The entire duty increase is set to add Rs 4,830 crore to the government's kitty.