Import duty on gold has been reduced from 15 percent to 6 percent. Due to this, the price of gold may be reduced by about Rs 6,000. Gold with reduced import duty can come in the country from August 1.
New Delhi. Ever since the government reduced the import duty on gold in Budget 2024, the common man is waiting for cheap gold. After completing all the customs formalities, cheap gold has finally arrived in India and it is expected that gold with lower import duty will start selling from August 1. This means that you can get gold cheaper from tomorrow. It is worth noting that the government has directly reduced the import duty on gold by 9 percent.
While presenting the budget on 23 July, the Finance Minister had reduced the import duty on gold from 15 percent to 6 percent. Although the effect of reducing the import duty started showing immediately on the market, it took some time for cheap gold to be imported from outside. The imported gold comes into the country after completing various customs formalities. Obviously, it took some time, but it is believed that from August 1, gold with revised import duty will come into the country and its sale will start in the retail market.
How much cheaper will gold be
Chairman of All Bullion and Jewelers Association Yogesh Singhal says that it took about a week to complete the customs formalities and from August 1, gold with lower import duty will reach the country. Obviously, its effect will be seen on the retail prices of gold as well. If the import duty has been reduced by 9 percent, then customers will also get gold at almost the same price. If seen in rupees, gold will become cheaper by about 5 to 6 thousand rupees per tola.
Even jewelers will not be able to collect the premium
Yogesh Singhal said that the reduction in import duty will also have a major impact on the black market of gold. Jewellers will also not be able to charge premium on gold from customers. This means that till now some jewellers were charging 15% premium import duty by importing gold in black. But, after the reduction in import duty, the intentions of such jewellers will be thwarted.
Gold became cheaper by 4 thousand rupees after July 22
Even though gold with lower import duty will now come into the country, the effect of reduction in custom duty on gold has started showing since the budget. According to IBJA, the rate of 24 carat gold was Rs 73,218 per 10 grams a day before the budget, which is being sold today i.e. on 31 August at Rs 69,309 per 10 grams. This means that the retail price of gold in the bullion market has come down by Rs 3,909 since the presentation of the budget.
Tags: Business news, Gold business, Gold price
FIRST PUBLISHED : July 31, 2024, 18:26 IST