Branded gold coins may become cheaper after the Government scrapped 1 per cent excise duty on them.
In a notification, the Central Board of Excise and Customs (CBEC) said excise duty will be nil on gold coins of purity 99.5 per cent and above, bearing a brand name when manufactured from gold on which appropriate duty of Customs or excise has been paid.
Excise duty on branded silver coins continues to be exempted. However, articles of goldsmiths or silversmiths’ wares of precious metal or of metal clad with precious metal, bearing a brand name will attract 1 per cent excise duty.