Published on 5/07/2019 1:56:57 PM | Source: HT Media

Budget 2019: Gold to get costlier, import duty hiked

Posted in Budget News| #Gold #Import Exports #Union Budget

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The government today increased customs duty on gold. Currently, gold attracts import duty of 10%. According to the Budget proposals, import duty to be hiked on gold and precious metals to 12.5%, from current level of 10%.

India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery sector.

India imported gold worth $32.8 billion during 2018-19.