Govt may again raise import duty on gold: Experts

India, struggling with its rising current account deficit, may hike the import duty on gold for the third time this year in order to curb demand for the precious metal which accounts for a major portion of imports, according to industry experts who also expressed fear that further increase in tax would hurt sales in the festival season amid falling rupee.

Bombay Bullion Association’s President Prithviraj Kothari said that government may look at increasing the duty to 7.5 per cent. The tax on bars and coins was doubled to 4 per cent in March this year by the then finance minister Pranab Mukherjee as imports jumped to a record 969 metric tons in 2011.

Although imports of gold have plunged 42 per cent in the first half of 2012, government may move ahead with the duty hike as current account deficit widened to a record 4.2 per cent of the GDP during 2011-12 from 2.7 per cent in 2010-11. Via

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