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« Hillary’s Scary New Cash Tax | Main | Gold's Rise: Head fake or is it the real deal? »
Wednesday
Mar022016

Budget Boost for India Gold Bonds as Duty Raised, Not Cut

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Budget 2016 hikes gold bullion and doré duty, adds 1% sales tax...
 
GOLD TAX on India's huge jewelry and bullion sector has risen and not been cut as the industry hoped in Monday's new 2016 budget from finance minister Arun Jaitley.
 
Tax advantages went instead to the Sovereign Gold Bond investment schemes, issued by the Reserve Bank of India, and also the Gold Deposit and Gold Monetisation schemes, also launched with little success to date in late 2015.
 
Trade lobby the India Bullion and Jewellers Association (IBJA) – a keen supporter of the ruling BJP party led by Narendra Modi – immediately called a strike to start Tuesday in protest at a new 1% excise duty, levied at the point of sale.
 
The All India Gems & Jewellery Trade Federation (GJF) – already at odds with the government over last year's cut to tax declaration thresholds on goldpurchases – then called a strike for 3 days starting Wednesday.

 

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