Mr. Sachin Kothari, Director at Augmont Gold for All
In January 2024, the Indian government raised the import duty on gold and silver coins and findings from 11% to 15%. This comprises a 10% Basic Customs Duty and a 5% Agriculture Infrastructure Development Cess.
The fundamental goal was to standardize tax rates and hence avoid observed circumvention. This action was done to close a gap and bring duty on gold finds and coins in line with total customs duty rates on gold bars. This will eliminate trade sections that take advantage of duty arbitrage.
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