IBJA Urged Policy Change to Close Loophole in Gold Import Policy

IBJA Urged Policy Change to Close Loophole in Gold Import Policy

From scrapmonster.com

The Indian Bullion and Jewellers Association (IBJA) requested the Ministry of Finance to fix a loophole in the system which helps bullion importers to classify their refined gold imports as platinum alloy, which turn attracts a lower tax rate. The classification of gold imports as platinum alloys is done to evade tax, as the applicable tax rate for platinum alloys are much lower at 10.75%, as compared with the higher import duty of 15% on gold. The importers are seen exploiting the loophole in the law, which costs the government crores in evaded tax. As per the current notification, alloys that contain over 2% or ... (full story)

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