NITI Aayog panel recommends tax cuts on gold, revamping monetisation scheme

A committee of the NITI Aayog has recommended drastic cuts in taxes on gold and also proposed a more liberalised approach towards the yellow metal to increase its contribution to the gross domestic product (GDP) to 3 per cent by 2022.

The panel headed by Ratan P Watal, NITI Aayog principal advisor and former Union finance secretary, gave its report on gold policy, titled Transforming India’s Gold Market, to the finance ministry on February 26.

While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business,