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Import Duty On Gold Bars Increased	06/07/2009 03:20 PM
- (India) Excise on branded jewellery exempted

Union Budget 2009-10

According to Press Trust of India, finance minister Pranab Mukherjee has increased import duty on gold bars, but exempted excise on branded jewellery. He has also raised the income exemption limit for women by Rs 10,000.

Presenting the Union Budget 2009-10, Mukherjee announced increasing import duty on gold bars from Rs 100 per 10 gram to Rs 200 per 10 gram, while other forms of gold (excluding jewellery) is increased from Rs 250 per 10 gram to Rs 500 per 10 gram.Gold prices rose by Rs 100 per 10 gram in the Delhi Bullion Market immediately after Mukherjee announced the decision to increase import duty.

Mukherjee, however, kept import duty on gold and silver jewellery unchanged. The customs duty on silver has also been increased from Rs 500 per kg to Rs 1,000 per kg. The duty on gold and silver has not been reviewed since 2004 even though prices have increased manifold, the finance minister said.

He further said the revised rates would also apply to gold and silver, including ornaments that are not studded, when imported by a bonafide passenger as baggage. On the other hand, Mukherjee announced excise duty exemption on branded jewellery. "I fear that my proposals relating to gold and silver on customs side would somewhat dent my popularity with women. I propose to salvage this by fully exempting branded jewellery from excise duty".

MJSA Alerts Members On New Toxic Metals Legislation
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01/09/2010 11:06AM

July 2010 Exports
(Mumbai) Overall growth of 40.44% percent

31/08/2010 11:30AM

GJEPC Exclusive: News Round-up For Week Ending 27th August, 2010
Gems and Jewellery Industry This Week (August 23 - August 27)

27/08/2010 12:45PM

Golf Tournament Raises Over $10,000 For MJSA Education Foundation
(MASSACHUSETTS) 100 golfers participated in the tournament

27/08/2010 10:55AM

Investment Demand Will Continue To Support Robust Gold Market During 2010: WGC
(London) India and China will continue to provide main thrust

25/08/2010 1:07PM

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