Import Duty On Gold

The effective duty on gold is currently 18.45%, which includes 12.5% import duty, 2.5% agriculture infrastructure development cess and other taxes

Indian gold imports in May were recorded at 107 tonnes, a rise of 790 per cent year-on-year, and impacting the current account deficit negatively

The government raised import taxes on gold, while increasing levies on exports of gasoline and diesel in an attempt to control a fast-widening current account gap.

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Besides, the Commerce Secretary observed that the GST-related issues flagged by the industry and the department of commerce have been substantively addressed.