India Increases Gold Import Duty to 15% to Curb Imports

After Prime Minister Narendra Modi's appeal not to buy gold for a year, the Indian government has now made up its mind to curb imports. Last night, the government increased the duty on gold and other precious metals to 15 percent. Earlier, the total import duty on gold was 6 percent. Now it has increased to 15 percent. Let's understand with the help of this news that how much the government will benefit from increasing the import duty on gold as a tax. What will be its impact on imports? The Indian government had cut the gold import duty drastically to stop illegal smuggling of gold in the budget. After the reduction, the basic customs duty was 5 percent and the agriculture infrastructure and development cess was 1 percent. But now the government has increased these two again. Since 13 May 2026, the BCD has increased from 5 percent to 10 percent and the AIDC has increased from 1 percent to 5 percent. That is, the total import duty has increased to 15 percent. In the last financial year, India's gold import has been around $77 billion.