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Import duty on gold may be slashed in India's budget

Section: Daily Dispatches

By Annapurna Singh
Deccan Herald, Bengalore, India
Friday, January 21, 2022

The government may reduce import duty on gold in the Union budget to curb the exponential rise in smuggling that has not only impacted the government's tax revenues but also the export of gems and jewellery from the country. 

Though the import duty was cut to 7.5% in the last year's budget from as high as 12.5%, the effective import duty on the yellow metal remains at 10.75% after the imposition of various cesses, surcharges and a 3% goods and services tax. It is expected that the government may cut it to 4% from 7.5%.

... Dispatch continues below ...


Good Mining Exploration Resumes Search
for Gold at Golden Target Project in Ontario

Company Announcement
Wednesday, July 28, 2021

Good Mining Exploration Inc., a private, junior mining exploration company, has restarted its exploration efforts for economic gold deposits in its Golden Target Project. The GT is within the Timmins gold camp just south of Matheson, Ontario, on the Arrow fault, close to the prolific Destor Porcupine Fault zone.

Good Mining Exploration continues to hold 100 percent of the mining rights associated with the GT, a contiguous land package of 726 claim cells covering approximately 13,676 hectares.

(This announcement was approved by Joel Scodnick, PGeo., an independent consultant to Good Mining Exploration, in his capacity as a qualified person as defined by National Instrument 43-101.)

... For more detailed information, please visit:

Higher taxes on gold have hardly yielded the desired revenue to the government, an official said, adding there may be some action on this front in the Union budget.

Customs duty on gold was 2% in 2004, which was raised to 10% in 2013 by the Congress-led United Progressive Alliance government and subsequently increased to 12.5% in 2019 by the Modi government.

India imports about 1,000 tonnes of gold each year, but what comes through the unofficial channel and lands in the gray market is huge. According to industry estimates, up to three-fourths of India's gold demand is met through the grey market. ...

... For the remainder of the report:

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