Budget 2017: World Gold Council demands lowering of gold taxes from current 13%
"Total taxes on gold is about 13% at present. This has to come down, between GST and Customs duty, to a reasonable level so that there is no incentive to grey market," Somasundaram P R, head of the WGC's India operations, told PTI.
Gold attracts Customs duty of 10%, excise duty of 1% and 1.5% value added tax (VAT), taking total taxes on the yellow metal to 13%. Photo: Pixabay