New Delhi: In the coming few days, there can be a tremendous fall in the prices of gold and silver. Actually, Union Finance Minister Nirmala Sitharaman has announced a huge cut in the import duty on gold and silver. The Narendra Modi government of the Center has presented the third budget of its second term on February 1, 2021, i.e. today.
The Union Finance Minister Nirmala Sitharaman also put the General Budget in front of the House for the third time. It is noteworthy that Finance Minister Nirmala Sitharaman presented the country's budget for the first time on 5 July 2019. Today Sitharaman has reduced the import duty on gold and silver to 7.5 percent. At present, import duty on gold and silver is 12.5 percent, which has now been proposed to be reduced to 7.5 percent.
On one hand, Finance Minister Nirmala Sitharaman has announced a huge cut in the import duty on gold and silver. On the other hand, farm cess of 2.5 percent has been imposed on gold and silver. According to the information, the Agri cess imposed by the government will be levied on the import duty. Due to a reduction in import duty on gold and silver, it is likely to benefit ordinary customers.
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