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Gold Smuggling: There is a tremendous increase in gold smuggling in the country. The condition is that due to the continuous jump in gold prices, there has been a decline of 76 percent in gold imports in January 2023, which is the lowest in 32 months. While there is a tremendous jump in the seizure of smuggled gold. There has been a jump of more than 62 per cent in the seizure of smuggled gold in two years.
Import duty expected to decrease
According to Reuters news, after the record jump in gold prices, jewelers are postponing purchases. He is hopeful that the government can cut the import duty of gold. If this happens, it will help in reducing the prices of gold. Only 11 tonnes of gold has been imported in January 2023, while 45 tonnes of gold was imported in January 2022 last year. In terms of value, only $697 worth of gold was imported in January, which was $2.38 billion in January last year. Gold had crossed Rs 58,000 this year, which is currently trading around Rs 56,000 per 10 grams. But there is a possibility of further boom in this.
increased smuggling of gold
The government recently told the Parliament that in 2020 where 2154.58 kg gold was seized. Which increased to 2383.38 kg in 2021. There was a tremendous increase in this in 2022 and a total of 3502.16 gold was seized this year. In 2020, there were 2567 gold smuggling cases, which increased to 3982 in 2022. There was a jump of 55 percent in the case of gold smuggling. The major reason for the increase in gold smuggling in 2022 is the increase in the import duty on the import of gold. In January 2023, 414 smuggling cases have been reported and a total of 384.71 kg gold has been seized.
Tax on gold up to 18%!
From July 1, 2022, the government increased the import duty on gold from 7.5 percent to 12.50 percent, which made it expensive to import gold. However, effectively 15% import duty has to be paid on gold because apart from 12.50% import duty, 2.50% Agriculture Infrastructure Development Cess is also levied on it separately. That’s why the import duty on gold was increased from 10.75 per cent to 15 per cent including cess and if GST is added, the tax becomes 18 per cent. It is clear that with the increase in import duty on gold, smuggling of gold has also increased.
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