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India revokes key gold import duty waiver
The Indian government has revoked the primary tax exemption on gold imports, which had been granted since 2017, after it was not renewed beyond March 31. This has increased costs for importers. The decision took effect starting April 1, when the Goods and Services Tax Council was notified. Imposing the tax makes all methods of importing gold and silver equally taxable, aiming to prevent preferential treatment of one route over another and reduce tax evasion. This move is expected to further restrict working capital for gold traders, especially given their reliance on approved banks for importing bullion.
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