India News | Govt Hikes Gold Import Duty to 15 Pc
Get latest articles and stories on India at LatestLY. The government has hiked gold import duty to 15 per cent from 10.75 per cent to check current account deficit (CAD) and rising import of the yellow metal.
New Delhi, Jul 1 (PTI) The government has hiked gold import duty to 15 per cent from 10.75 per cent to check current account deficit (CAD) and rising import of the yellow metal.
The duty changes came into effect from June 30.
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Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent. Along with agriculture infrastructure development cess (AIDC) of 2.5 per cent, the effective gold customs duty will be 15 per cent.
There has been a sudden surge in imports of gold. In the month of May, a total of 107 tonnes of gold was imported and in June also the imports have been significant. The surge in gold imports is putting pressure on the current account deficit, the finance ministry said.
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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)