India to Slap 12.5% Countervailing Duty on Imports; Gold Jewellery

India to Slap 12.5% Countervailing Duty on Imports; Gold Jewellery

Gold Silver Reports ~ India is, apparently, on a spree of imposing import duty on various commodities from steel to other metals and as reports suggest the trend may get extended to gold imports.

♦ Gold jewellery imports from Association of South East Asian Nations (ASEAN) countries will have to face a 12.5 per cent countervailing duty.

♦ Economic Times, quoting a Govt source, reported that India is likely to impose 12.5 per cent countervailing duty on gold jewellery imports from the 10-member ASEAN in lieu of 12.5% excise duty imposed in the budget. The move is a bid to protect the domestic industry.

♦ Excise duty without credit is pegged at 1%, but CVD would be equivalent of 12.5%, the rate proposed with credit, the official told Economic Times. India, one of the biggest importers of the yellow metal has been trying to reduce the gold imports for sometime in a bid to ease the Current Account Deficit(CAD).    ~ Neal Bhai Reports

READER DISCLAIMER

Our site is objectively in letter and spirit, based on pure Technical Analysis. All other content(s), viz., International News, Indian Business News, Investment Psychology, Cartoons, Caricatures, etc are all to give additional ambiance and make the reader more enlightening. As the markets are super dynamic by very nature, you are assumed to be exercising discretion and constraint as per your emotional, financial and other resources. This blog will never ever create rumors or have any intention for bad propaganda. We report rumors and hear-say but never create the same. This is for your information and assessment. For more information please read our Risk Disclaimer and Terms of Use.

Technically Yours,

Team GoldSilverReports.com, New Delhi, INDIA