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Analyst
Import duty on gold and silver rose 10% Now | Why Indian Government Increase Import Duty
Import duty on gold and silver has increased the government of India. Now, instead of 8% to 10 % import duty will be in gold. However, import duty on silver has increased from 6 % to 10 %.
In addition, the excise duty on refined gold have increased from 7 percent to 9 percent now. Manufactured 8 percent excise duty on silver has increased from 4 percent.
Why Indian Government Increase Import Duty ?
Import duty on gold and silver from the government to raise additional revenue of Rs 4830 crore is expected. To reduce the import of gold and silver, in fact the government increased import duty.
The Government's aim that the current account deficit by reducing imports of gold and silver is contained. However, in July, gold - silver imported 35 percent to 290 dollar million.
In addition, the excise duty on refined gold have increased from 7 percent to 9 percent now. Manufactured 8 percent excise duty on silver has increased from 4 percent.
Why Indian Government Increase Import Duty ?
Import duty on gold and silver from the government to raise additional revenue of Rs 4830 crore is expected. To reduce the import of gold and silver, in fact the government increased import duty.
The Government's aim that the current account deficit by reducing imports of gold and silver is contained. However, in July, gold - silver imported 35 percent to 290 dollar million.
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