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TRADE ALERT: India Imposes 2% Tax on Polished Imports

Jan 19, 2012 2:08 AM   By Rapaport News
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RAPAPORT... The Government of India has introduced a 2 percent tax on all polished diamond imports. The new legislation was effective on January 17, 2012. Previously there was no duty charge on polished diamond imports.

In addition, gold imports will be subject to a 2 percent tax, rather than a flat fee of INR 300 previously. The import duty on platinum has also been set at 2 percent. The import duty on silver has been set at 6 percent of its import value, compared to its previous rate of INR 1,500 per kilogram.

Please view the relevant documentation here and here to be certain that your company complies with these measures.

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