This move will end the decade-old approach of discouraging gold buying. Along with this, the Union Budget 2024-25 has also met the diamond industry's ageold demand of safe harbour to overseas mines.
Sachin Jain, regional CEO, India, World Gold Council, said: "Gold and silver basic customs duty (BCD) reduction from 10 per cent to 5 per cent and Agriculture Infrastructure Development Cess (AIDC) from 5 per cent to 1 per cent will boost the overall competitiveness of the domestic jewellery industry. It will effectively reduce the overall taxes on gold from around 18.5 per cent (including GST) to 9 per cent."
Additionally, the import duty for gold dore and silver dore has also been reduced to 5.35 per cent. Dore refers to unrefined metal. Previously, the import duty on gold dore was 14.35 per cent, which was 0.65 per cent lower than refined gold. While this difference still remains as the duty on gold dore is now 5.35 per cent, it is seen benefitting gold refineries. Import duty on gold findings and similar products has also been aligned with that of gold.
This story is from the July 24, 2024 edition of Business Standard.
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This story is from the July 24, 2024 edition of Business Standard.
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