Bullion traders have got a big gift in the budget. Fulfilling their long-awaited demand, the heavy import duty on gold and silver has been reduced. Now only nine percent tax will be levied on gold and silver. This includes six percent import duty and three percent GST. Bullion traders say that if the prices of gold and silver decrease, then business will flourish. Smuggling will also be curbed.

At present, 15 percent import duty was levied on gold and silver along with 2.5 percent cess. Three percent GST had to be paid separately. Experts say that smuggling of gold takes place due to high import duty. There was a difference of Rs 11 lakh per kg between smuggled gold and gold brought as per rules. Smuggling will reduce due to reduction in import duty. Wholesale business of gold and silver ornaments and bullion is done on a large scale in Birhana Road, Chowk, Nayaganj. On normal days, 35 kg of gold ornaments and bullion are sold. One thousand kilograms of silver bullion and jewellery are bought and sold. There are more than five thousand bullion shops and showrooms across the city.

Good step by the government

The organization has been demanding reduction in import duty on gold and silver for 12 years. This time in the budget, the government has fulfilled the expectations. There was 15 percent duty even on the price of 30 thousand. Even when the price was 75 thousand, the same tax was being levied. The government did a great job by reducing the import duty. - Mahesh Chandra Jain, State President, UP Sarafa Association

Now there will be good shopping

With the reduction in import duty, the difference between smuggling and taxed gold and silver will end. This will reduce smuggling, the prices of gold and silver will also come down. With this, people will also be able to do good shopping. If there is shopping, the government will also get revenue. - Ram Kishore Mishra, Minister, UP Sarafa Association

Everyone's efforts were successful

The government has given a big relief by reducing the import duty. There will be a difference in prices due to reduction in duty. This will bring back the shine in the bullion market. Everyone made collective efforts to reduce the tax. As a result, the tax could be reduced. - Pankaj Arora, National President, All India Jewelers and Gold Smith Federation

Gold fell by Rs 3200 and silver by Rs 2900
As soon as the tax on gold and silver was reduced, its effect was also seen in the market. The price of gold fell by Rs 3200 per ten grams and the price of silver fell by Rs 2900 per kg. Gold now costs Rs 71800 per ten grams and silver has become Rs 88200 per kg.