Gold Imports Dip 4% in April-July as Jewellers Await Festive Boost
India's gold imports fell by 4.23% to USD 12.64 billion from April to July 2024-25, reflecting global economic uncertainties, according to recent government data
Indian Government Raises Customs Duty on Gold-Alloy Imports to Close Loophole
The Indian Government has increased the customs duty on imports of gold alloys under the Comprehensive Economic Partnership Agreement (CEPA) with the UAE, aiming to close a loophole exploited by bullion dealers that led to significant market distortions and revenue loss
Government Set to Increase GST on Gold and Silver to 5%
The Indian government is expected to increase the Goods and Services Tax (GST) rate on gold and silver from 3% to 5%. This anticipated hike follows recent reductions in the basic customs duty, as outlined in the latest Budget
Budget 2023: What Jewellers Want?
Finance Minister Nirmala Sitharaman will present the budget on the Parliament on February 1, 2023. With the approaching central elections, popular consensus on this year’s budget is that it would be growth-oriented, with a focus on infrastructure, inflation, manufacturing and rural economy
Founder of Malabar Gold & Diamonds, MP Ahammed demands a reduction in import duty to curb gold smuggling
A reduced import duty will make gold smuggling less attractive and will eventually drive the illegal gold out of the markets.
Illegal gold trade causes 25-30% loss to Kerala jewellers business
Jewellers claimed that the 13 per cent duty on gold- 10 per cent import duty and 3 per cent GST- is encouraging illegal entry of the yellow metal
Centre plans four GST slabs; 4% levy on gold
Goods- or services-wise classification will only be done once the states agree to the slabs
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