Govt might raise excise on unrefined gold by 1%

This would particularly affect refiners based in Uttarakhand, where an excise concession has ensured the effective rate is 8%

The Union Ministry of Finance might raise the import duty on unrefined gold (dore) from eight per cent at present to nine per cent.

This would particularly affect refiners based in Uttarakhand, where an excise concession has ensured the effective rate is eight per cent.

That apart, when the much-debated national goods and services tax takes effect, all region-specific excise exemptions would end.

There are 27 dore refineries in the country, 18 in Uttarakhand. India has a total gold refining capacity of 1,467 tonnes a year, of which only a fifth is being used. In 2015, our dore import is estimated at 300 tonnes, expected to rise to 400 tonnes next year.