Hike in Import Duty: Government assessed smuggling dimension on gold: Finance Secretary Subhash Chandra Garg

Hike in Import Duty: Government assessed smuggling dimension on gold: Finance Secretary Subhash Chandra Garg
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The decision to raise import duty on gold in the Union Budget was taken after a careful consideration, including its likely impact on smuggling of the yellow metal, a top government official said.

New Delhi: The decision to raise import duty on gold in the Union Budget was taken after a careful consideration, including its likely impact on smuggling of the yellow metal, a top government official said.

Finance Minister Nirmala Sitharaman hiked import duty on gold and other precious metals in the Budget to 12.5 per cent from 10 per cent. "This decision has been carefully taken.

The government has assessed that (smuggling) dimension as well," Finance Secretary Subhash Chandra Garg said.

He said this when asked about concerns being raised by certain quarters on further rise in gold smuggling due to the increase in import duty on the yellow metal.

The gems and jewellery industry has expressed disappointment with the Union Budget 2019-20.

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