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The government should cut taxes on gold substantially from the existing 13 per cent level to curb smuggling and promote transparency in local gold trade, the World Gold Council (WGC) said ahead of the Union budget.
At present, gold attracts Customs duty of 10 per cent, excise duty of 1 per cent and 1.5 per cent value added tax (VAT), taking total taxes on the yellow metal to 13 per cent.
“Total taxes on gold is about 13 per cent at present. This has to come down, between GST and Customs duty, to a reasonable level so that there is no incentive to grey market,” Somasundaram PR, head of the WGC’s India operations, told PTI.
It is a must to bring down the taxes on gold if the government wants to promote transparency in the sector following demonetisation, he said. PTI
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