Jewellery and industry experts on Friday said the increase in import duty on gold to 15 per cent will fuel smuggling and urged the government to review the tariff rate on the yellow metal.
Get latest articles and stories on Latest News at LatestLY. With the economic activities growing gradually after two years of COVID-related disruptions, jewellers are upbeat about this Akshaya Tritiya, expecting sales to surpass the 2019 levels. Latest News | Jewellers Expect Sales During Akshaya Tritiya to Surpass 2019 Level.
Expressing disappointment over hike in the import duty on gold, jewellers and industry body on Friday demanded the government to rollback its decision as it will encourage smuggling and make the yellow metal more expensive. Finance Minister Nirmala Sitharaman in the Budget 2019-20 proposed to increase custom duty on gold and other precious metals from 10 per cent to 12.5 per cent.