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There is an increasing clamour to invest in gold owing to the impact of rising inflation coupled with stock market volatility. The need to diversify into gold investments cannot be ruled out. However, the risk-reward component along with the taxation aspect differ in all of them. ....
Interview | To curb illegal gold trade, reduce duty to 7% in Budget 2021: Malabar Gold & Diamonds chairman The extent of the impact of gold smuggling can be gauged from a World Gold Council estimate which says illegal gold shipment fulfils around 17 percent of the country’s annual gold demand. Mumbai / January 14, 2021 / 06:59 PM IST The total levy on gold, which now stands at 15.5 percent, including 12.5 percent import duty and 3 percent GST, is quite high, and the government must reduce it to 7 percent in the Budget 2021 to make gold smuggling unviable, says Malabar Gold & Diamonds Chairman Ahammed MP. “The government needs to take immediate action in the forthcoming budget to strengthen the gold trade sector. The main thing is to bring tax relief. Taxes on gold, including import duty and GST, should be reduced to 7 percent,” the industry veteran said in an interview to Moneycontrol. ....