Buying gold jewelry is set to become more expensive for consumers. This is because the government has hiked the import tax on gold. A hike in import duty will further hit the consumers’ wedding budget as everything else has already become expensive due to high inflation in food and other products. As per the notification dated June 30, 2022, the import duty on gold has been hiked to 15% from 10.75% earlier. The hike in import duty has come into immediate effect.
Against this backdrop, Nishant Shah, Partner at Economic Laws Practice (ELP) has been quoted by The Economic Times in their article titled ‘Why buying gold jewelry is set to become expensive: Check here the complete cost’. He says, “As a majority of jewelry manufactured for domestic market from gold imported into India, such an increase in the rate of customs duty on gold is bound to have a consequential implication for Indian customers. New jewelry is likely to be more expensive for Indian customer who would therefore lean towards getting their old/ancestral jewelry redesigned.”
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