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)