LESS TAX ON GOLD

Mumbai, Jan 30, (way2newstv.in):
India is the second largest gold buyer in the world, rising prices for the day. In the next two days, the Central Annual Budget will be introduced. This is expected to reduce the import tax on the budget presented by the central government on Thursday to check for rising prices and to prevent illegal businesses.

LESS TAX ON GOLD 

Bullion industry sources said there was a need for tax deductions to prevent trafficking. There is also an increase in domestic demand for low import taxes. India's imports increased by 10 per cent in August 2013 to reduce the current account deficit. We estimate that the import tax on gold will be reduced by 2 to 4 percent, "Vice-President Saurabh Gadzil of the Indian Bullion Juveniles Association said. This reduction is needed to prevent gray channels from high import duty, to prevent trafficking and unauthorized sales. 

World Gold Council estimates that in 2016, India smuggled nearly 120 tonnes of gold. Holland, JJ Goldhouse proprietor Harshad Azmi said that the smugglers offer 1 per cent or 2 per cent discount to save 10 per cent import tax, but without any discounts. Chennai-based MNC Bullion Director Prakash Rathod said tax evaders would like to buy illegal gold and they do not even pay 3% GST. Firstly, the government will lose 10 per cent import tax and then lose GST. The bullion industry is demanding a tax cut in the backdrop.