Import Duty on Gold, Silver: In the budget, the government has made a big announcement about custom duty. Custom duty will now be reduced for expensive metals like gold and silver. It has been announced in the budget that the custom duty for expensive metals like gold and silver has been recommended to be reduced from 12.5 per cent to 10 per cent. This is expected to reduce the prices of gold and silver. Explain that the bullion industry had been demanding a reduction of the custom duty on them for a long time. This is a step that will make jewelery cheap.
Finance Minister Nirmala Sitharaman said in her budget speech that it has been recommended to reduce the custom duty on gold, silver and other precious metals from 12.5 per cent to 10 per cent. Explain that earlier on July 2019, the custom duty on these expensive metals was increased from 10 percent to 12.5 percent. After which there was a rise in the prices of gold and silver in the country. Currently, gold and silver have become very expensive.
How will duty be calculated on gold, silver now
7.5% duty + 2.5% AIDc + O.23% Sec
Total 10.23% (Net Effect)
Investors will increase participation
Ajay Kedia, director of Kedia Commodity, says gold and silver will be cheaper due to a reduction in import duty. At the same time, by doing this, the participation of investors will also increase in trading. At the same time, organized business will get a boost in this area. This will also help prevent smuggling. He says that this step of the government will prove to be better for the bullion industry and investors.
Duty was increased on these
However, buying a mobile phone after the budget will also become expensive. Finance Minister Nirmala Sitharaman on Monday announced to increase the custom duty on mobile phone equipment and chargers to 2.5 percent in the budget. The Finance Minister announced a review of 400 exemptions in custom duty, including discounts on the mobile device segment. Sitharaman said in his budget speech that he is withdrawing some discounts on some parts of charger and all parts of mobile.