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Import duty on gold jewellery to 15 percent from 10 percent
Posted on: 18/Sep/2013 2:36:14 PM
The Government of India has taken numerous steps this year, including raising the tax on bullion imports three times, to curb demand of the precious metal to reduce its trade deficit and support a weak rupee. Gold is the biggest non-essential item in India`s import bill.
Yesterday the Government of India has increased the import duty on gold jewellery to 15 percent from 10 percent, in a move aimed more at protecting the domestic jewellery industry rather than stemming overseas purchases to narrow its current account deficit.
The finance ministry said that jewellry making was a labor-intensive industry, with millions of artisans dependent on this sector for their livelihood.
With no difference in duty on primary metal and jewellery earlier, the note says, “there is an apprehension that Indian jewellery makers would not be able to compete with cheaper imports, particularly when a majority of the imported jewellery is machine-made, compared with hand-made jewellery in India... To protect the interests of small artisans, the Customs duty on articles of jewellery and of goldsmiths’ or silversmiths’ wares and parts thereof is being increased from 10 per cent to 15 per cent”.
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