Unofficial gold imports decline by 80% in 2020: WGC

by Nidhi Bhati

Unofficial imports of gold into India fell sharply by 80 per cent in 2020 to 20-25 tonnes owing to logistical disruptions caused by the Covid-19 pandemic, as per the World Gold Council (WGC). The ongoing flight restrictions and lower customs duty are unlikely to reverse this downward trend in 2021. In the past few years, 100-120 tonnes of gold had entered the country annually through the grey route, as per the WGC’s estimates. The new tax structure on gold announced in the Union Budget for 2021-22 has reduced the total import duty on a gold bar (including basic customs duty, agriculture infrastructure and development cess and social welfare surcharge) to 10.75 per cent from 12.875 per cent before the Budget. With an additional three per cent goods and sales tax consumers are now required to pay 14.07 per cent tax on gold bars.

References
1. https://economictimes.indiatimes.com/news/economy/foreign-trade/unofficial-imports-of-gold-into-india-plunge-80-in-2020-world-gold-council/articleshow/81189413.cms
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