Gold Rate: Will get good news! Gold will be cheaper after the budget, know what is the government’s plan

Gold Rates: A good opportunity is coming for those who buy gold. You can get cheap gold after the upcoming budget. If sources are to be believed, the Ministry of Commerce has proposed to reduce the import duty on gold in the upcoming budget to promote the Gems and Jewelery industry. Sources have given this information and gold news may come soon for you.

Import duty on gold was increased in July

In July this year, the central government had increased the import duty on gold from 10.75 per cent to 15 per cent. The government had taken this step with the intention of reducing the current account deficit and controlling the rising 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 per cent.

This is the plan of commerce ministry

Sources said that keeping in view the demands of the Gems & Jewelery Industry, the Commerce Ministry has demanded the Finance Ministry to make such a proposal in the coming budget. Sources said that the Ministry of Commerce has also demanded change in import duty on some other products to promote the manufacture and export of gems and jewellery.

What did GJEPC chairman Collin Shah say

Stakeholders associated with the export of gems and jewelery have been demanding reduction in import duty for a long time. Colin Shah, former chairman of the Gems and Jewelery Export Promotion Council (GJEPC), said the industry is expecting a slew of export-promoting measures to be announced in the budget to be presented on February 1.

Here is the update regarding the change in import duty

According to sources, keeping in mind the demands of the gems and jewelery industry, the Ministry of Commerce has demanded the Finance Ministry to make such a proposal in the upcoming budget. 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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