Gold import duty not to be cut: Sitharaman

Gold import duty not to be cut: Sitharaman

Agency News

Ahmedabad, Aug 16: At a time when gold prices are soaring at an all time high, Union Finance Minister Nirmala Sitharaman on Fiday ruled out any possibility of reduction of the import duty of the yellow metal.

Sitharaman said, "Gold that is imported for value addition, ie making jewellery among others for export, does not have a customs duty but normal gold does. Gold is not a product that we have in the country like crude oil and other electronic items.

"Every gold that we buy is imported, for it is something that is not available in this country. See the quantum of foreign exchange spent for it. Do I subsidise it," she said.
Notably, gold prices have surged to over Rs 38,000 per 10 gm of late which was the highest. Gold traders have already given representations to the government for reduction of import duty.

To another query, she said the government had made a plan for resolution of tax-related issues in which even the cases related to pre-GST period had been included.

The Finance Minister said she did not want to talk about stimulus and packages, among others at this juncture. "I had detailed meetings with five groups from banking, industry, MSME, finance and automobile sectors and the issues raised were also discussed with the Prime Minister on Thursday.

"We would do analysis about it and take steps soon. At this juncture whatever is being said outside about stimulus and packages among others has not come from me. Discussions were on about it and when things will be finalized, it would be shared in detail,' she said. (UNI)