Government doubles import duty on gold & silver, effective rate now at 18.4%

The Indian government has doubled the effective tax paid on the import of gold and silver to a total of 18.4% from the previous 9.2%, effective from May 13, 2026. It made the changes through two separate notifications issued late night on May 12.

Previously, the basic customs duty on gold and silver stood at 5%, with a 1% Agriculture Infrastructure and Development Cess (AIDC), and a 3% Integrated Goods and Services Tax (IGST) rate on the total assessable value of the imports, which includes the cost, insurance, and freight price, and the applicable basic customs duties, taking the effective import tax to about 9.2%.