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Last Updated : Mar 20, 2012 05:52 PM IST | Source: Moneycontrol.com

Budget Reactions: Hike in customs duty; need to pay Rs 825 more per 10 grams

In the union budget the customs duty on Gold bars of not less than 995 fineness has been increased from 2% to 4% on the value of import.


By Mr. Rajesh Mehta, Executive Chairman, Rajesh Exports Limited


In the union budget the customs duty on Gold bars of not less than 995 fineness has been increased from 2% to 4% on the value of import. Apart from the increase in duty unbranded gold jewellery has also been covered under central excise of 1% in addition to this there has been a tax deduction at source proposed for cash purchase of jewellery above Rs. 2 lacs.


The increase in customs duty and excise would mean an increase of about Rs 825 per 10 grams on the current prices of gold.

Mr Rajesh Mehta, Chairman, Rajesh Exports Limited said

First Published on Mar 17, 2012 05:00 pm