Govt plans to reduce GST rate and basic customs duty on gold

India's gold import fell 3% in value to $32.8 billion (Rs 2.3 trillion) during 2018-19

The central government is considering a sharp reduction in the import duty on gold, to four per cent from the current 10 per cent. This is part of the discussion on the ‘integrated gold policy’ under preparation. The matter is being reviewed by the Central Board of Indirect Taxes and Customs. On Thursday, an internal meeting was called by P K Das, the board chairman, to discuss the slashing of basic duty on precious metals.

In February, the finance minister had said a comprehensive policy would be formulated to develop gold as an asset class. The duty reduction is being