Cheaper gold by Rs 10 lakh - 15% import duty prompts smuggling wave in India
A 15% import duty on gold has led to a surge in smuggling in India, as the high tax makes it more profitable for smugglers to bring in the precious metal illegally. The duty has increased the price of gold, making it more expensive for legitimate buyers, and has created a lucrative black market for smuggled gold. This has resulted in a loss of revenue for the government and has also raised concerns about the impact on the economy and the gold trade in India.
- ▪The 15% import duty on gold has increased its price by Rs 10 lakh.
- ▪Smuggling of gold has increased due to the high tax, making it more profitable for smugglers.
- ▪The Indian government is losing revenue due to the smuggling of gold.
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