Every time the government keeps making some changes in the budget. This time too, changes are expected to be made regarding the budget. According to a prediction, gold prices will remain cheap this time. In our country, people are investing more in gold and also buying more gold.
So let us know what are the expectations of people regarding gold in the budget.
At present the government is imposing 3% tax on gold prices, it is expected to be 1% in the new budget. If the GST rate on gold is reduced this time, then people will be able to buy gold and its demand will increase. People are hopeful that this time the price of gold will definitely come down in the upcoming budget.
Expected tax cut on lab grown diamonds
People associated with the diamond business want the tax on diamonds to be reduced. To increase the quality and demand of lab grown diamonds, there should be a differentiation in the rates of lab grown diamonds and natural diamonds. Currently, the tax rate on lab grown diamonds and natural diamonds is the same, currently, the tax on both these diamonds is set at 3%.
Gold coins may decrease
It has also been suggested by the Council that with the launch of these two schemes, the facility of EMI and Gold Monetization Scheme should be increased, which will make it easier for consumers to buy gold. One advantage of this scheme is that it will enable proper utilization of domestic waste gold and thus reduce foreign imports, thereby making the country self-reliant. If bakeries are reduced, apart from this, if gold is produced and sold in India, then the national and per capita income of the country will increase. Foreign exchange will decrease and the market will get good momentum and people of the country will be able to buy jewelery at lower prices.
Gold imported into India is subject to customs duty
There is customs duty on gold imported into India, but now the Government of India has reduced the customs duty. The Government of India used to charge 15% rate on gold and silver, which has reduced to 6%. Apart from this, rates on platinum, fellidium, osmium, ruthenium and iridium have been reduced from 15.4% to 6.4%.
To meet the demand of gold in India, gold was imported from abroad, for which custom duty was levied on gold. The custom duty on importing gold into India was 12.5%, which has been reduced to 10% by the Government of India.
