Indian government has increased the import duty on gold and silver findings15% from 11%, effective from January 22

The government should facilitate the gold sector’s growth by allowing duty free imports through private sector entrepreneurs, said noted economist Ahsan H Mansur yesterday. 

The National Board of Revenue (NBR) is planning to increase the amount of tax payable for gold brought in under baggage rules in order to encourage legal import of gold and use of legal channels for remittance transfers. 

The government is set to withdraw a 5 per cent advance tax on the import of gold in the fiscal year of 2022-23 to encourage the import of the precious metal through formal channels and discourage smuggling.