Import tax on gold hiked, prices see biggest jump in 4 months2 min read . Updated: 01 Jul 2022, 03:41 PM IST
- On MCX, gold rates surged nearly 3% to ₹52032 per 10 gram after hike in import duty
India has raised its basic import duty on gold, pushing domestic prices sharply higher today. The basic import duty on yellow metal has been hiked to 12.5% from 7.5%, the government said in a notification. This is a reversal of last year when India cut the tax to 7.5% in budget. Gold also attracts 3% GST in India. India is the second biggest importer of gold in the world. India meets most of its gold demand through imports, which were putting pressure on the rupee which today hit a record low of ₹79 against the US dollar.
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