Tuesday, May 11

Finances 2021: Federal government cuts import tax on gold, silver to 7.5% from 12.5%

Finances 2021: Federal government cuts import tax on gold, silver to 7.5% from 12.5%


NEW DELHI: The govt slashed the import duties on gold and silver to 7.5 for every cent from 12.5 for each cent, finance minister Nirmala Sitharaman stated on Monday, as the world’s next largest gold client tries to bring down smuggling of the treasured metallic.
Gold futures fell much more than 3 for every cent following the surprise announcement in by Sitharaman.
Union Spending plan 2021-22: Reside protection
Presenting the Union Finances for 2021-22, she also reported customs responsibilities on certain auto components, photo voltaic equipment, cotton and uncooked silk have been elevated.
On the other hand, the finance minister reported customs responsibility on naphtha has been slice to 2.5 per cent, although exempting obligation on metal scrap up to March 2022.
Extra on Union Price range

She also proposed an infrastructure enhancement cess on sure merchandise.



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