If you are planning to buy gold and silver then there is good news for you. In fact, the government has announced to reduce the custom duty on gold and silver.
The announcement was made by Union Finance Minister Nirmala Sitharaman in the Budget 2021. The Finance Minister proposed to rationalize the custom duty on gold and silver. According to the Finance Minister, from October 1, 2021, a new revised custom duty policy will come into force. Similarly, the custom duty on copper has been reduced by 2.5 per cent. While the reduction of custom duty on steel has also been announced.
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The demand of the industry was
Gold and silver prices rose significantly during the Corona epidemic. Gold had reached a record level. But due to expensive gold and silver fell out of the budget of the common man, which affected the jewelery industry. That is why the jewelery traders had asked Finance Minister Nirmala Sitharaman to reduce the custom duty in the budget. It has been proposed to meet this demand.
What is the duty at this time
Currently, 12.5 percent custom duty is levied on gold and silver. Custom duty was increased from 10 percent to 12.5 percent in July 2019. After this, the prices of precious metals have risen sharply. To take it to previous levels, the government will reduce the custom duty on gold and silver to a reasonable level.
No tax relief
This is the first time in the budget that no announcement has been made for the working class. This was the first budget in the last decade in which there was no change in direct tax. Last year, a new tax system was announced in the budget. Finance Minister Nirmala Sitharaman has given big tax related relief for senior citizens. Senior citizens above 75 years of age will not be required to file any income tax return. However, this benefit will only be available to senior citizens who earn income only from pension and interest income. Paying banks will deduct tax on their behalf.
