Good news for Gold buyers. Tax reduction in Gold, Prices have fallen sharply

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Good news for Gold buyers. Tax reduction in Gold, Prices have fallen sharply
(Photo credit: Website/@ToI)

Budget 2020-2021: Good news for gold and silver buyers. The central government has made a key proposal in the budget.

This will reduce the price of gold and silver. The central government has revealed that it will reduce customs duty on gold. This will cause a stir for yellow lovers.

The government is currently levying an import duty of 12.5 percent on gold. However, Union Finance Minister Nirmala Sitharaman said in the budget that the tariff would be reduced from 12.5 percent to 7.5 percent.

In July 2019, prices were hiked by the central government raising the import duty from 10 percent to 12.5 percent. Now again, gold and silver prices are falling due to the Modi government’s reduction in import duty.

In the MCX Market Gold prices fell 3 percent. Gold for immediate delivery fell by Rs 1,500 per 10 grams.

Declined to Rs.47,918. At the same time, the price of gold rose 1.2 percent in the global market.

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The central government has now made several key proposals in the 2021-22 budget. These will not have a direct impact on the common man.

The prices of some products will go up. Also, the prices of some other items will go down. Let’s get to know the event once.

Prices of electronic items (such as fridges, air conditioners, washing machines), mobile phones and chargers will go up. Iron, steel, nylon cloths, copper items, insurance, shoes, etc. will be cheaper.

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