Budget 2024 Gold Custom Duty : Gold and silver rates may come down in the coming days. Finance Minister Nirmala Sitharaman on Tuesday reduced the basic customs duty on gold and silver to 6 percent in the budget.
Apart from this, the custom duty on platinum has been reduced to 6.4 percent in the budget. This will reduce the price of gold and silver. This will provide relief to women and common people at a time when the price of gold and silver is trading at its peak. Finance Minister Nirmala Sitharaman made this announcement while presenting the budget for the financial year 2024-25 in the Lok Sabha. The Gems and Jewelry Industry had been demanding a cut in the basic customs duty on gold, silver and platinum for a long time.
Custom duty on gold and silver reduced in the budget, women will benefit
Finance Minister Nirmala Sitharaman has given a big relief to women. In the budget, the Finance Minister has reduced the custom duty on gold and silver to 6 percent. It has been reduced to 6.4 percent on platinum. This will make gold and silver jewelry cheaper. This will provide relief to common women at a time when gold and silver are at their peak.
Jewelers welcomed the reduction of custom duty
Yogesh Singhal, Chairman of All Bullion & Jewelers Association Kucha Mahajani Chandni Chowk, said that today’s Union Budget announcement in which customs duty on gold and silver has been reduced to 6% and on platinum to 6.4% is a commendable step which jewelers were waiting for a long time.
He said that this strategic reduction will curb illegal transactions, prevent legal and illegal smuggling and promote a more transparent and legal market. Customers will get 9 percent cheaper gold. He said that the entire gems and jewelry sector is welcoming this move of the government.
The government reduced custom duty on these products
The government has announced the removal of basic custom duty on ferronickel, blister copper in the budget. The government has increased the customs duty on telecom equipment from 10 percent to 15 percent. Sitharaman also proposed to reduce the basic customs duty on some ‘brood stock’, shrimp and fish feed to five percent.
The basic customs duty on mobile phones and mobile chargers has been reduced to 15 percent. On the other hand, she said that the government will increase the customs duty on ammonium nitrate by 10 percent and on non-biodegradable plastic by 25 percent
