The government has raised the base import prices of gold, crude and refined palm oil as prices rose in the world market.
In a notification, issued by Ministry of Finance on Tuesday, reflected the revised base rates of the commodities.
The government revises base import prices of edible oils, gold and silver every fortnight, and the prices are used to calculate the amount of tax an importer needs to pay.
India is the world’s biggest importer of edible oils and silver and the second-biggest consumer of gold.
The revised price of crude palm oil is $ 960 per metric tonne, others palm oil is $ 974 per metric tonne, while that of Crude Soya bean Oil is $ 1354 per metric tonne and brass scrap (all grades) is $ 4545 per metric tonne.
Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed at 570 per 10 grams,” the notification read.
“Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed at 702 per kilogram,” the notifcation added.
News Source: The Mint