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Why Import Duty Needs to Be Increased on Gold?

As a matter of fact we have always stated that the interest of the nation comes first always and every time and with this premise we assume that action of Finance Minister Mr. Pranab Mukherjee of applying 4% import duty on gold is correct.

The same needs to be understood in the context that Indians spend a huge amount of dollars on gold imports and this spending is just a shade below crude imports. This is not in our nation interests as  one need to buy gold in international market by spending dollars and it inherently weakens the Indian currency.

Thus we should not sulk that government has proposed to double import duty from 2% to 4% on gold imports and intends charging a 0.3% tax w.e.f 01 April 2012 as action is to give a boost to Indian economy.

Verdict

In short term we may see companies dealing in gold (especially jewellery) will decline.

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