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Govt may impose 10% duty on gold jewellery import from Thailand: Report

By Religare
|
Govt may levy 10% duty on jewellery import from Thailand
Soon after government raised the custom duty on gold, the policymakers now plan to impose up to 10 per cent duty on gold jewellery import from Thailand in the proposed Free Trade Agreement, said a media report.
 

Report said that the move has been aimed at curbing the import of gold jewellery from Thailand which has risen significantly in recent times and may go further up as government raised custom duty.

At present, India imports gold jewellery at zero per cent duty from Thailand under an early harvest scheme (EHS).

So, the government can't increase duty on import of gold jewellery under EHS and has to depend on the proposed FTA, said experts.

Moreover, government also fears that since the concession under EHS is available when there is value addition of at least 20 per cent in jewellery by Thailand, most importers are routing the yellow metal produced in nations like China and Malaysia through Thailand and some are even importing gold as it is, not jewellery.

Read more about: gold jewellery
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