No. of views : (4936)
Ban on import of gold from South Korea
Posted on: 28/Aug/2017 11:28:26 AM
In the uninterrupted trade agreement on a contract, a ban has been imposed on import of gold from South Korea. Gold attracts a GST of 3%. As compared to the previous taxes, this is up by 3.24%. Subsequently, as a measure to cut down the tax payments, the quantity of import of gold from the countries with which India has an uninterrupted trade contract agreement has gone up.
The import of gold from South Kores increased by the US $ 33,86 Crores from last July to 3rd August. As compared to this, the total import of gold from South Korea for the entire previous financial year was only US $ 47.04 Crores.
Thus, about 15 tons of gold have been imported from South Korea since July so far. It is expected that the Indian government will lose a revenue of Rs. 700 Crores. So, in order to prevent the malpractice of importing gold exploiting the uninterrupted trade agreement, the Directorate of the Foreign Trade has ordered a ban on import of gold from South Korea.
For more inquiries please contact:
