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Import duty on gold may be slashed in India's budget
By Annapurna Singh
Deccan Herald, Bengalore, India
Friday, January 21, 2022
The government may reduce import duty on gold in the Union budget to curb the exponential rise in smuggling that has not only impacted the government's tax revenues but also the export of gems and jewellery from the country.
Though the import duty was cut to 7.5% in the last year's budget from as high as 12.5%, the effective import duty on the yellow metal remains at 10.75% after the imposition of various cesses, surcharges and a 3% goods and services tax. It is expected that the government may cut it to 4% from 7.5%.
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Higher taxes on gold have hardly yielded the desired revenue to the government, an official said, adding there may be some action on this front in the Union budget.
Customs duty on gold was 2% in 2004, which was raised to 10% in 2013 by the Congress-led United Progressive Alliance government and subsequently increased to 12.5% in 2019 by the Modi government.
India imports about 1,000 tonnes of gold each year, but what comes through the unofficial channel and lands in the gray market is huge. According to industry estimates, up to three-fourths of India's gold demand is met through the grey market. ...
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