Union Budget 2024: Due to the reduction in duty on gold, one kg of gold has become cheaper by Rs 5 lakh 90 thousand. Overall, custom duty on gold has been reduced by 9 percent.
Union Budget 2024: A big announcement has been made on gold and silver in the budget. The Finance Minister has announced a massive cut of 9% in import duty on gold, silver and platinum. The total import duty on gold and silver has been reduced from 15% to 6%. At the same time, the total import duty on platinum has come down from 15.4% to 6.4%.
Jewellery stocks rose by more than 12%
After the announcement of import duty on gold and silver, there has been a sharp jump in jewelry stocks. During trading, the share of jewelry stock Titan jumped by 6.50 percent, Senko Gold by 10 percent, Kalyan Jewelers by 3.30 percent, Motisons Jewelers by 12.30 percent, Radhika Jewelers by 11.40 percent.
Gold became cheaper by Rs 5.90 lakh per kg
Indian Bullion and Jewelers Association (IBJA) secretary Surendra Mehta said, the basic custom duty on gold has been reduced from 10% to 5%. Agri cess has been reduced from 5% to 1%. Overall, the custom duty on gold has been reduced by 9%. Earlier, both together were 15%, which has now been reduced to 6%.
He says that due to reduction in duty on gold, one kg of gold has become cheaper by Rs 5 lakh 90 thousand. That is, duty on gold has been reduced by Rs 5.90 lakh per kg. Similarly, there was a duty of Rs 12,700 on one kg of silver. In this, duty has been reduced by Rs 7,600 per kg. At the same time, duty on platinum has been reduced by Rs 2,000.
Benefit of 9 thousand crores to the government
The government is going to get a benefit from this. The redemption of Sovereign Gold Bonds is about Rs 1 lakh crore. In that, the government will have to pay about ₹ 9,000 crore less on redemption.
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