New Custom Duty on Gold
Prior to GST being implemented, the overall tax rate on gold jewellery stands at 12.2%. ( 10% customs duty, 1% excise duty, and 1.2% VAT)
GST replaces the excise duty and VAT components, but sits on top of the Import Duty. The Gold rate of 3% announced on 3rd June is significantly lower than many had feared. And, on the face of it, represents only a modest tax increase.
VAT varies state-by-state from 1% in Rajasthan to 5% in Kerala. Additional local taxes can push the overall tax on gold jewellery even higher
How much Gold can i legally import into India
How much gold can I carry to India without worrying about duties?
50,000 / 100000 LimitA passenger residing abroad for 1+ year, on return to India, shall be allowed clearance free of duty in his bona fide baggage of jewellery,
Rs 50,000 Male Passenger
a male passenger can get up to a weight of 20 grams with a value cap of Rs 50,000
Rs 50,000 Female Passenger
a female passenger can bring up to a weight of 40 grams with a value cap of Rs 100,000
Earlier these were defined as value of Rs 50,000 & Rs. 100,000 only.
Gold Purity (parts, or karats)
22k, 24k, 21k and 18k
Note: Custom duties can be changed by the authorities at any time. Check with the concerned authorities for latest information