Gold in India – Keeping in sight the unstable price trend in global gold bullion market, the government has increased the import tariff value of gold to reach $459 per ten grams. Tariff value is the base price on which the taxes obligation is firm to prevent under-invoicing.
The previous month, tariff rate of gold was at $440 per ten grams.
The Central Board of Excise and Customs (CBEC) issued the notification in this regard.
The government has increased the import tariff rate of gold as global prices have slowly been rising. On May 31, gold prices in Singapore increased to a two-week high reaching $1421 per ounce but the yellow metal prices later on dropped to close at $1388.30.
According to the World Gold Council (WGC) report, gold imports India in April through June are estimated to reach a record level at 300-400 tons, as in contradiction of 153 tons in a year ago.
Gold in the national capital is quoted nearby Rs. 27,700 per ten grams.