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ANI
The duty drawback rates on export of gold and silver jewellery have been reduced by more than half. The Revenue Department has issued a notification in this regard. The import duty on these precious metals was reduced significantly in the general budget, for which the said reduction was made to adjust.
New Delhi. The government has cut the duty drawback rates on export of gold and silver jewellery by more than half. The Revenue Department has issued a notification in this regard. The said reduction has been made to adjust the import duty on these precious metals which was reduced significantly in the general budget. The duty drawback rate on export of gold jewellery has been reduced from Rs 704.1 per gram of pure gold content to Rs 335.5 per gram. The rate for silver jewellery and silver items has been reduced to Rs 4,468 per kilogram of pure silver content.
The duty drawback scheme refunds import duty and internal taxes paid on exported goods. Import duty on gold and silver was reduced to six per cent from 15 per cent in the Budget. Ajay Sahai, director general of Federation of Indian Export Organisations, said duty drawback on gold and silver jewellery has been reduced due to reduction in duty on gold and silver in the Budget. Gems and jewellery exports declined 7.45 per cent to USD 9.1 billion during April-July in the current fiscal.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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