Gold Traders Express Deep Concerns Over Escalated Import Duty

From scrapmonster.com

The Jewellers Association Jaipur, India has raised concerns on the decision by the central government to hike duty on gold imports from 10% to 12.5%, expressing fears that the decision is most likely to impact market demand and boost smuggling of the yellow metal. Estimates indicate that gold smuggling at Jaipur International Airport has almost doubled in 2018-’19 upon comparison with the year before. Sanjay Kala, President, Jewellers Association Jaipur noted that the 3% provision for Goods and Services Tax (GST), on top of the high import duty of 12.5%, makes it necessary for customers to shell out 15.5% extra tax ... (full story)