Budget 2024 Expectations Live Updates: Will Sitharaman bring changes in tax slabs?
5 months ago

Budget 2024 Expectations Live Updates: Will Sitharaman bring changes in tax slabs?

Hindustan Times  

July 22, 2024 10:59 AM IST Sachin Kothari, Director Of Augmont - Gold For All said, "Changes in import duty are the top priority. The market expects an Import duty cut in Gold from 15% to 10% and for Silver import duty to be at par with Gold under CEPA. Some refineries in India have been importing unrefined gold from LDCs under zero duty, so stopping Import Duty benefits from LDC and FTA countries is expected as it distorts a level playing field. With IIBX at GIFT city emerging as a gateway to import bullion, bullion players want all import and export of gold to happen through IIBX.

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History of this topic

Gold prices slip after Nirmala Sitharaman announces import duties cut in Budget
5 months ago

Gold prices slip after Nirmala Sitharaman announces import duties cut in Budget

Hindustan Times  

Finance minister Nirmala Sitharaman on Tuesday announced a cut in import duties on precious metals gold and silver from 15 per cent to 6 per cent. Finance minister Nirmala Sitharaman on Tuesday announced a cut in import duties on precious metals gold and silver from 15 per cent to 6 per cent After the government's announcement, shares of gold and …

Gold Rate, Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver
5 months ago

Gold Rate, Budget 2024: Jewellery stocks surge after government cuts basic custom duty on gold, silver

The Hindu  

Shares of gold and jewellery retailers surged on July 23 after Finance Minister Nirmala Sitharaman said the government will reduce the basic customs duty on the yellow metal and silver to 6%. In addition, shares of Titan Company climbed 3.66% to ₹3,371.65 per piece, Tribhovandas Bhimhji Zaveri rose 2.79% to ₹140.20, and Kalyan Jewellers India gained 1.54% to ₹537.05 apiece …

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry
5 months ago

Budget 2024: Customs duty on gold, silver cut to 6%, sops for diamond industry

The Hindu  

Union Finance Minister Nirmala Sitharaman has proposed to reduce Customs Duties on gold and silver to 6% and on platinum to 6.4% providing big relief to buyers of these precious metals. As per the proposal, duty on gold bars has been cut from 15% to 6%, gold dore from 14.355 to 5.35%, for platinum from 15.4% to 6.4%, for silver …

The hike in import duties for gold, silver findings | Explained
10 months, 2 weeks ago

The hike in import duties for gold, silver findings | Explained

The Hindu  

The story so far: In a move towards standardisation and preventing the circumvention of duty, the Finance Ministry on Tuesday hiked import duties on gold and silver findings and coins of precious metal to 15%. As observed in the Ministry of Commerce’s Trade Stat database, import of unwrought gold and/or gold in semi-manufactured form in October 2023 rose 95.41% on …

Gold rates today at life-time high after budget 2023 proposal. Buy or hold?
1 year, 10 months ago

Gold rates today at life-time high after budget 2023 proposal. Buy or hold?

Live Mint  

Gold rates today climbed to a new life-time high of ₹58,060 per 10 gm on Multi Commodity Exchange. Highlighting the connect between the gold price rise and FM Sitharaman's budget speech, commodity market experts said that gold price today hit new high because of the budget proposals to increase the import duty on silver Dore, bars and articles to align …

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise
1 year, 11 months ago

Budget 2023: Govt Likely To Hike Import Duty On 35 Items; Jewellery, Electronic Items To See Price Rise

News 18  

The government is examining to hike customs duty on more than 35 items in the upcoming budget, which is scheduled to be announced on February 1, according to an Economic Times report. Meanwhile, the commerce ministry has also sought a reduction in the import duty on gold in the budget with a view to push exports and manufacturing of the …

Challenges and opportunities before India's gold exchange
2 years, 4 months ago

Challenges and opportunities before India's gold exchange

Live Mint  

India is hoping to become a gold price-setter with the International Indian Bullion Exchange, now open at the Gujarat International Finance Tech City - International Financial Services Centre. The expectation is that all small gold dealers and jewellers will join this transparent platform, which will provide efficient price discovery and quality assurance, and enable greater integration with other segments of …

Gold Import Duty Hiked by 5%: Will Gold Prices Increase? Know How it Will Impact Investors
2 years, 5 months ago

Gold Import Duty Hiked by 5%: Will Gold Prices Increase? Know How it Will Impact Investors

News 18  

India has hiked the basic import duty on gold to 12.5 per cent from 7.5 per cent, the Union government said in a gazetted notification on June 30. Why Govt Hikes Import Duty on Gold India’s trade deficit ballooned to $24.29 billion from $6.53 billion in a year, according to the data released by the government. The total effective import …

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver
3 years, 10 months ago

Budget 2021: Gems and jewellery industry cheer decision to cut import duty on gold, silver

India TV News  

The Modi government has announced a cut in the import duty on gold and silver, a move welcomed by the industry as it will bring down prices of precious metals in the domestic market and boost exports of gems and jewellery. Finance Minister Nirmala Sitharaman in her budget speech said that to bring the prices of precious metals closer to …

Union Budget 2021: Cut in taxes will put more money in consumer hands, will boost gold buy
3 years, 10 months ago

Union Budget 2021: Cut in taxes will put more money in consumer hands, will boost gold buy

Firstpost  

The Indian gold industry has grown tremendously since the withdrawal of the Gold Control Act in the early 1990s. But there are signs of change, with mandatory hallmarking effective June 2021, an International Bullion Exchange that can make India take centre-stage in global gold trading with world-class trading and vaulting infrastructure in GIFT city, Good Delivery Standards with responsible sourcing …

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
3 years, 10 months ago

Budget 2021: Gems, jewellery industry seeks cut in import duty, GST

India TV News  

The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council, the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from …

Union Budget 2021: Gems, jewellery industry seeks reduction of import duty to 4%
3 years, 11 months ago

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

Firstpost  

All India Gem and Jewellery Domestic Council chief Ashish Pethe said the EMI facility should be extended to their industry and to increase the cash purchase limit to Rs 1 lakh from Rs 10,000 Mumbai: The gem and jewellery industry has sought reduction in customs duty on gold to four percent, withdrawal of tax collected at source, cut in import …

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