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Gold duty raised after studying smuggling impact

FM Sitharaman hiked import duty on gold in the budget to 12.5 per cent from 10 per cent.

ET Bureau|
Jul 08, 2019, 09.40 AM IST
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“The decision has been carefully taken. The govt has assessed that (smuggling) dimension as well,” finance secretary Subhash Chandra Garg said.
NEW DELHI: The decision to raise import duty on gold in the Union Budget was taken after a careful consideration, including its likely impact on smuggling of gold, a top official said. Finance minister Nirmala Sitharaman hiked import duty on gold in the budget to 12.5 per cent from 10 per cent. “The decision has been carefully taken. The govt has assessed that (smuggling) dimension as well,” finance secretary Subhash Chandra Garg said.

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