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GST impact: Experts caution against zero-duty gold imports from South Korea

Industry experts want the govt to impose 12% cess on all such gold imports

Gold import bill may hit five-year high in 2017

A number of traders have started importing gold coins and allied items at zero duty from countries that are part of a Comprehensive Economic Partnership (CEP) or a Free Trade Agreement (FTA) with India, after the goods and services tax (GST) took effect on July 1. In March 2016, the government had imposed excise duty of 12.5 per cent on gold jewellery, which acted as a countervailing duty (CVD) on import of gold coins and jewellery from CEP and FTA countries. Traders then began importing gold spoons and bowls, where CVD protection was not available. The government had then blocked ...