The government is set to withdraw a 5 per cent advance tax on the import of gold in the fiscal year of 2022-23 to encourage the import of the precious metal through formal channels and discourage smuggling.
Withdrawal of the existing 5 percent advance tax on gold import has been proposed in the budget for fiscal 2022-23 to encourage import of the precious metal through formal channel and discourage its smuggling.
Over 30 tonnes of gold legally brought to the country by travellers last year were being smuggled to India, according to an estimate by customs and CID officers.
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