Next union budget to cut import duty on gold from current 12.5% – Gulf Today

Next union budget to cut import duty on gold from current 12.5% – Gulf Today

Union Budget 20-21 is likely to cut the import duty on gold from the current 12.5 per cent with a view to push exports of jewellery despite the reduction likely affecting the current account deficit, people in the know of matters said.. India's gold imports, which have a bearing on the current account deficit, fell about 7 per cent to $20.57 billion during April-November period of the ongoing financial year, according to the Commerce Ministry data.. As per government data, India's gold imports fell about 7 per cent to $20.57 billion during April-November period of the ongoing financial year.. Commerce Ministry in its 20-21 Budget proposals, has already urged the Finance Ministry to consider a significant reduction in the import duty on gold.. The gems and jewellery export industry has sought reduction in the import duty to 4 per cent in the budget, which is scheduled on February 1..