2024-07-24 11:28:20
New Delhi: Good days are coming for those who buy gold and silver. The government has reduced the customs duty on gold and silver. Right now it is 15 percent which has been reduced to 6 percent. This was announced by Finance Minister Nirmala Sitharaman while presenting the budget. Buying gold and silver will be cheaper due to the reduction in customs duty. The government had increased the customs duty to 15 percent in January this year. In the budget, the Finance Minister has also proposed to reduce the customs duty on platinum to 6.4%. On Tuesday, the price of gold saw a decline. It fell by about 2 thousand rupees per 10 grams. Immediately after the budget ended, the price of gold fell by Rs 1988 per 10 grams. With this decline, gold came down to Rs 70730 per 10 grams. The price of silver also fell drastically after the budget ended. It fell to Rs 2429 per kg. After the budget ended, the price of silver came down to Rs 86774 per kg. Since gold and silver will be cheaper now, the number of people buying it may increase. If the demand increases, then a change in their price is possible.
Income up to Rs 3 lakh is tax free, treasury is open for the poor, farmers and women, doors of employment are open for the youth, know how auspicious the budget is
It could be a profitable deal for industries
According to Mahendra Lunia, chairman and founder of Vighnaharta Gold, India’s gold imports in FY23 were estimated at Rs 2.8 lakh crore and the import duty on it was 15%. He said that the customs payment of the industry is estimated to be Rs 42 thousand crore. Lunia said that the announcement of reduction in custom duty on gold and silver could be a significant boost for the industry. If the government agrees to their demand, the cost of the yellow metal can be reduced immediately.
There will be an increase in demand
Lunia said that the reduction in the price of gold can increase its demand. When the demand increases, its sales will also increase. This will ultimately benefit companies dealing in gold through better topline and bottomline performance. Expert Amit Goyal, co-founder and chief global strategist, Pace 360, said that a cut in import duty can increase demand, which can lead to increased revenue and better profit margins.