NEW DELHI: The government slashed the import duties on gold and silver to 7.5 per cent from 12.5 per cent, finance minister Nirmala Sitharaman said on Monday, as the world’s second biggest gold consumer tries to bring down smuggling of the precious metal.
Gold futures fell more than 3 per cent following the surprise announcement in by Sitharaman.
Union Budget 2021-22: Live coverage
Presenting the Union Budget for 2021-22, she also said customs duties on certain auto parts, solar equipment, cotton and raw silk have been raised.
On the other hand, the finance minister said customs duty on naphtha has been cut to 2.5 per cent, while exempting duty on steel scrap up to March 2022.
More on Union Budget
Gold futures fell more than 3 per cent following the surprise announcement in by Sitharaman.
Union Budget 2021-22: Live coverage
Presenting the Union Budget for 2021-22, she also said customs duties on certain auto parts, solar equipment, cotton and raw silk have been raised.
On the other hand, the finance minister said customs duty on naphtha has been cut to 2.5 per cent, while exempting duty on steel scrap up to March 2022.
More on Union Budget
She also proposed an infrastructure development cess on certain goods.
