Gold coins / gold srips

[Arun Aggarwal]

Sir

With the reference to notification no 34/2016 dt 8/09/2016 explaination no (ii ) ammending serial no 192 of 12/2012CE dt 17/03/2012 and expailation no (1) and notification no 2/2011 CE dt 01/03/2011 further ammended by 20/2012 CE dt 19/03/2012 what is the rate of duty on unbranded gold coins/medals and gold strips having purity of less than 99.5% but more than 37.5 % and the right classification.

AI Summary

Duty Classification for Unbranded Gold Coins and Medals: Notifications May Not Apply, Consult Tax Expert for Clarity A discussion on a forum addressed a query regarding the applicable duty rate and classification for unbranded gold coins, medals, and gold strips with purity between 37.5% and 99.5%. The initial query referenced several notifications and amendments. The responses suggested that the cited notifications do not apply to the items in question. Two responders advised that if the financial stakes are significant, it would be prudent to consult a tax expert for a formal opinion.