Gold Price Fell Down: Good news for gold lovers, There is a possibility of a reduction in the prices of gold and silver in the upcoming budget. Yes, the government is considering reducing the import duty on gold and silver, which can bring down their prices.
So let’s know in detail what steps the government can take and what benefits you can get from this!
Lower Duty, Cheaper Gold
According to media reports, it is being considered to reduce the import duty on gold and silver to less than 15% of the budget. At present, there is an import duty of 15% on gold and 10% on silver. If this happens, the prices of gold and silver will come down.
How much can the price decrease
It is estimated that due to reduced import duty, gold prices may fall by about ₹ 3000 and silver prices by ₹ 3800. This will make it easier for you to buy gold.
Curb on Gold Smuggling
Reducing import duty will not only reduce prices but gold smuggling can also be curbed. Actually, due to high import duties, some people resort to gold smuggling. Reducing import duty may reduce gold smuggling.
Benefits of Selling Old Gold
There is also a discussion in media reports that the government may give some concession in GST to those selling old gold. This will encourage people to sell old gold more and gold imports will be reduced.
Indians and Their Love for Gold
Gold has special significance in India. After China, India is the world’s largest gold consumer country. Huge amounts of gold are imported every year. If the government reduces import duty and gives incentives for selling old gold, then this can reduce gold prices and can also curb gold imports.
