Gold Import Duty In India 2022: India has become the second largest gold importing country in the world. Due to the high demand for gold, it is being misused a lot. To curb this, the Union Ministry of Commerce has made a proposal to deal with these problems. This will give a big boost to the Jewelery Business in India. Gold is expected to become cheaper in the coming days.
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The Ministry of Commerce on Friday made a proposal to reduce the import duty on gold in the upcoming budget to promote the gems and jewelery industry. In July last, the central government had increased the import duty on gold from 10.75 percent to 15 percent.
Import of gold will be controlled
The central government had taken this step with the intention of reducing the current account deficit and controlling the increasing import of gold. Basic customs duty on gold is 12.5 per cent, while Agriculture Infrastructure Development Cess is levied at the rate of 2.5 per cent. In this way the total effective import duty becomes 15 percent.
Demand for change in import duty
According to media reports, the Ministry of Commerce has demanded the Finance Ministry to make such a proposal in the upcoming budget, keeping in mind the demands of the gems and jewelery industry. In order to promote the manufacture and export of gems and jewellery, the Ministry of Commerce has demanded change in import duty on some other products as well. Stakeholders associated with the export of gems and jewelery have been demanding reduction in import duty for a long time.
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