India trade ministry seeks to cut gold tariff to curb smuggling

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According to persons acquainted with the situation, India's trade ministry is debating lowering import fees on gold to stop unlawful imports.

The Finance Ministry has been urged to consider lowering the levy from 12.5% to roughly 10% by the second-largest user of the precious metal in the world, which buys practically all of it from overseas, according to two sources who asked to remain anonymous because the discussions are confidential. It's not yet apparent whether or not the recommendation will be followed.

A spokesman for the commerce ministry did not reply to an email and text message requesting comment, while a spokesperson for the finance ministry declined to do so.

According to data from the World Gold Council, the tariff hike caused a 23% decrease in India's gold imports from July to September compared to the same time last year.

According to the All India Gem, the bullion sector is requesting that the tax rise from July is reversed and that the existing 3% goods and services tax be reduced to 1.25%.

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