Government cuts import duty on gold, silver

Government cuts import duty on gold, silver”

On Monday, the Indian government cut import duties on gold and silver, leading to sharp intra-day volatility in prices. "To bring it closer to previous levels, we are rationalising customs duty on gold and silver", Finance Minister Nirmala Sitahraman said while presenting the Union Budget 2021-22. So far in the trade, Gold April futures have tumbled Rs 2,136 to Rs 47,201 per 10 grams while the silver March futures surged Rs 4,720 to Rs 74,426 per kg.

Meanwhile, in the global market, Silver rose more than 4 per cent on Friday following a near 5 per cent gain on Thursday that came after messages on Reddit urged retail investors to pile into the market in an attempt to push prices higher.

Analysts say that gold imports into India would effectively attract 10.75% tax against 12.5% earlier. According to Navneet Damani, VP - Commodities Research, Motilal Oswal Financial Services, "Budget announcement related to cut in import duty cut from 12.5 per cent to 7.5 per cent hammered gold lower".

Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.

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The duties on other precious metals were cut down to 6.9 % on gold dore bar from 11.85 %; 6.1 % on silver dore bar from 11 %; 10 % on platinum from 12.5 %; 10 % for gold/silver findings from 20 %; and 10 % on precious metal coins from 12.5 %. Therefore, to reduce the cost and bring the rates back to previous levels, the government has made a decision to rationalise customsduty on the metals. The customs duty on gold and silver has been reduced to 7.5 per cent.

The Finance Minister also proposed Agriculture infrastructure and development cess at the rate of 2.5 per cent and social welfare surcharge of 10 per cent.

"It was our long pending demand to cut the import duty on gold and silver".

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