[www.keralites.net] Tax on imported gold

 

MAY be : but there are contradictory versions on this,

Update April 24, 2012 :

Import of Gold to India by passenger as part of baggage. Previously, the customs duty structure on gold imported as baggage by persons of Indian origin was: 1. Gold bars, other than tola bars, bearing manufacturers or refiners engraved serial number and weight expressed in metric units and gold coins - Rs. 300 per 10 grams. + 3% Educational. Cess 2. Gold in any form other than what is listed in number 1 above including tola bars and ornaments, but excluding ornaments studded with stones or pearls - Rs. 750 per 10 grams. + 3% Educational. Cess

Earlier this year, The government of India changed the customs duty structure on gold imported to India from the specific to value linked. The customs duty on gold was fixed at 2% of value. (For example, instead of the Rs. 300 per 10 grams fixed rate earlier, customs duty was to be calculated as a percentage of value) There are reports that the maximum amount of gold a passenger can now take to India is limited to one kilogram of gold. Carrying over 1 kilograms of gold to India is prohibited and will result in the gold being seized and the passenger prosecuted. According to a report published in two major Indian newspapers excerpts from their news report articles are provided below:

Times of India dated April 21, 2012: A passenger is allowed to bring up to 1 kilogram of gold by paying duty. However, quantities greater than 1 kilogram are seized and the person carrying it is prosecuted under Customs Act 1962.

The Indian Express also dated April 21, 2012: As per a Customs notification issued on April 8, 2012, a passenger can bring up to 1 kg of gold, on payment of duty. Anyone bringing in more than 1 kg of gold is liable to be arrested.

May 11, 2012: Surprisingly, the official customs website still shows the limit as 10 kgs. per passenger! The current duty free allowance on gold taken as jewelry is still Rs. 10000 for a male passenger or Rs. 20000 for a lady passenger. These amounts were set several years ago, with the price of gold in India now at almost Rupees 29,000 for 10 grams, there is hardly any real gold jewelery these days that can be bought for Rupees 10,000.

Note: The recent Union Budget proposed to doubled the customs duty on standard gold from 2% to 4% and on non-standard gold from 5% to 10% from the financial year 2012- 13.

Regards,

Abdu Rahiman.M
http://www.abomufliha.tk
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