Finance Minister Nirmala Sitharaman, while presenting the budget in Parliament, spoke of rationalizing customs duty on gold and silver imports, so that they will be available to the people at cheaper rates.
New Delhi: Finance Minister Nirmala Sitharaman has presented the General Budget in Parliament. With this, the Finance Minister has made several important announcements. Also, there is good news for those who buy gold and silver in this budget. Actually, the budget has announced to reduce the customs duty on gold and silver, this will see the fall in the prices of gold and silver.
Finance Minister Nirmala Sitharaman, while presenting the budget in Parliament, spoke of rationalizing customs duty on gold and silver imports, so that they will be available to the people at cheaper rates. At the same time, the proposals made in the budget will make expensive items like refrigerators, LED lights and mobile phones used in homes. At the same time, the gems and jewelery industry welcomed the government’s decision to reduce import duty on precious metals including gold and silver in the budget. The industry said that this decision will give a boost to the gems and jewelery sector and will help it to become competitive globally.
Customs duty deducted
Finance Minister Nirmala Sitharaman has proposed to reduce the customs duty on gold and silver to 7.5 percent from the current 12.5 percent in the budget. Similarly, the duty on gold door bars was reduced from 11.85 per cent to 6.9 per cent, on silver door bars from 11 per cent to 6.1 per cent, on platinum from 12.5 per cent to 10 per cent, on gold-silver finding from 10 per cent to 10 per cent and On the coins of precious metals, it has been reduced from 12.5 percent to 10 percent.
However, gold, silver, gold door bars and silver door bars will also attract agricultural infrastructure and development cess at the rate of 2.5 percent. World Gold Council Managing Director (India) Somasundaram PR said that overall the budget is going to bring positive results for the industry. Reducing import duty on gold is a welcome step. Let’s hope this is the first step in a series of duty reduction on precious metals.
However, with the rationalization of customs duty on gold and silver imports, these precious metals will be cheaper. Changing customs duty on imports will make many goods cheaper.
These inexpensive goods include non-ferrous metal (gold door) made of gold and gold, non-ferrous metal (silver door) made of silver and silver, platinum, and palladium, medical equipment imported through international organizations and diplomatic missions.
Apart from this, there have also been proposals to make some items expensive in the budget. Compressor and printed circuit boards for refrigerators and air conditioners such as parts, raw silk and cotton, solar inverters and lanterns, vehicle windscreens, wipers, signal equipment, PCBA, cameras, modules, connectors, back covers, mobile phone equipment, Mobile phone charger parts, raw products used in lithium ion batteries, printer’s ink cartridge and ink spray nozzles, finished leather products, nylon fibers and yarn, plastic builder ware, carved synthetic stones will be expensive.
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