Cryptocurrency Q&A
How much tax on gold in India in 2024?
How much tax on gold in India in 2024?
CryptoPioneer
Thu Dec 05 2024
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7
answers
1779
In 2024, India made significant changes to its gold import tariffs, reducing them from 15% to 6% in late July. This move was aimed at stimulating gold demand in the country, which is the second-largest consumer of gold in the world. The tariff reduction was expected to lower the cost of gold and boost consumption, particularly during peak buying seasons such as weddings and festivals.
7 answers
CryptoPioneerGuard
Sat Dec 07 2024
The rate stands at 3%, applying solely to the value of the gold.
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Chloe_carter_model
Sat Dec 07 2024
This tax does not encompass any making charges associated with the gold.
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Leonardo
Sat Dec 07 2024
Making charges attract a separate GST rate.
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Giuseppe
Sat Dec 07 2024
In September 2024, India imposed a specific GST rate on 24 carat gold.
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RainbowlitDelight
Sat Dec 07 2024
The GST on making charges is 5%.
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