Baggage tax: The National Board of Revenue (NBR) is planning to increase the amount of tax payable for gold brought in under baggage rules in order to encourage legal import of gold and use of legal channels for remittance transfers.
Gold tariff rate quota (TRQ) will be allocated to old and new applicants as per the revised simpler eligibility norms and lesser compliance burden for Indian importers, DGFT Santosh Sarangi said on Thursday.
According to industry experts, high import duty on gold and global economic uncertainties are the reason for the dip in the imports of the precious metal.
The gold jewellery exports in India have grown from $7.6 billion in 2015 to $12.4 billion in 2019.Bridal jewellery dominates the gold jewellery landscape, enjoying 50-55% of the market share in India