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Hike in import duty on gold to fuel smuggling, say jewellery bodies; urge government to review decision

Jewellery and industry experts on Friday said the increase in import duty on gold to 15 per cent will fuel smuggling and urged the government to review the tariff rate on the yellow metal.

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Gold prices fall to Rs 47,960 per 10 gm, silver trends at Rs 69,800 a kg

Silver price soared to Rs 69,800 per kg according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the price of 22-carat gold stayed at Rs 47,800 per 10 gm, while in Chennai it was at Rs 46,560. In Mumbai, the rate was at Rs 47,960. The price of 24-carat gold in Chennai was at Rs 50,780 per 10 gm.
The gem and jewellery industry has sought a reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones, in the upcoming Union Budget 2021-22.

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Six Expectations From Budget 2021 For Commodity Market By Kotak Securities

Six expectations from Budget 2021 for Commodity market by Kotak Securities
The focus of Budget 2021-2022 could be largely to mend the economy and boost growth and fight inflationary pressures. While the economy came under pressure, the commodities market was also not left unaffected.
January 30, 2021 / 12:12 PM IST
The ruling BJP government is set to announce its eighth Annual Budget on February 1, 2021. The year 2020 was a challenging year for all major economies, including India, as governments imposed strict measures to limit the virus spread but this impacted economic growth.
We have now entered the New Year on an optimistic note as the vaccination process has begun fueling hopes of a recovery. However, economic recovery is expected to be slow and laboured and government support will be needed to boost the pace.

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Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%

Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%
PTIJan 14, 2021, 08:51 IST
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Mumbai, Jan 13 () The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in
import duty on polished precious and semi-precious gemstones, in the upcoming Union
Budget 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told , "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business."

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Gems, jewellery industry seeks reduction of import duty in Budget

The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones, in the upcoming Union Budget 2021-22.
All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told PTI, "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business."
He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds.

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