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Gold Silver Import Duty In Budget 2023: Union Finance Minister Nirmala Sitharaman in Parliament today year 2023-24’s general budget (Budget 2023-24) has been presented. Finance Minister Sitharaman has increased the customs duty on some things in the budget 2023. Gold-silver and platinum are going to be expensive in this budget. On the other hand, import duty has been cut on the seeds used to make diamonds in the country. Know what is special…
10 percent customs duty
Finance Minister Nirmala has presented the 5th budget of the Modi Government at the Center today. There are many such things in this budget, which will become expensive now. It also includes Gold, Silver and Platinum. It is known that the customs duty on gold, silver and platinum has been increased to 10 percent. On the other hand, import duty has been cut on the seeds used in making diamonds.
gold and silver will be expensive
The effect of increasing customs duty on bars and bars of gold and platinum will be seen soon in the country. Now gold and silver will soon become expensive. This year the prices of gold and silver items will increase. On the other hand, the increase in customs duty will increase the prices of platinum.
Increase in import duty of these items
Finance Minister Sitharaman said that to promote domestic manufacturing, a proposal to increase the import duty on silver dore, bars and items has been presented in the budget. Customs duty has been increased on Bars of Gold and Platinum and articles made of bars. He said that I also propose to increase the import duty on silver strings, bars and other items to bring them at par with gold and platinum.
import duty on diamond seeds reduced
On the other hand, to promote domestic manufacturing, the government has reduced the import duty on seeds used for making diamonds in the laboratory. In this regard, Finance Minister Nirmala Sitharaman said that India acts as a global leader in the cutting and polishing of natural diamonds. Which contributes to about three-fourths of the global turnover of value. The government has removed the basic customs duty from the existing 5 per cent.
India became the third largest silver investor
It is known that, at present, India is the third largest physical silver investment market in the world after America and Germany. The country’s silver imports are set to reach a record high of 8,000 tonnes in 2022 due to a rise in jewelery consumption.
read this also: Automobile Sector Budget 2023: Big announcement in the budget, cheap electric cars, expensive to import luxury cars from abroad
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