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India Increases Import Tax On Gold Jewelry

by Mary Swire, Tax-News.com, Hong Kong

19 September 2013


India increased the import tax on gold jewelry from 10 percent to 15 percent on September 17, 2013 in a bid to protect the domestic jewelry industry and narrow the current-account deficit.

Gold bullion imports to India will continue to be taxed at 10 percent.

The country's imports of gold jewelry were worth USD137.57m between April and July, much less than the USD2.9bn of total bullion imports in July alone.

India has adopted several measures this year to reduce its gold trade deficit and boost the rupee, including lifting the tax on bullion three times.

India is the world's biggest consumer of gold.

TAGS: tax | India | import duty | trade

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