Now only tax of Rs 27,000 will be charged on 10 grams of gold, customers get 440 volt shock! Read full update

New Delhi. The importance of gold in Indian culture is not limited to mere jewellery, rather it is considered the greatest medium of savings and security. But, now buying gold is going to be heavier on your pocket than before. Yes, because the Government of India has directly increased the import duty on gold and silver from 6% to 15%.

This means that now only tax of about ₹ 27,000 will have to be paid on 10 grams of gold, which can give a shock of 440 volts to the customers. This step of the government has been taken to handle the falling rupee against the dollar and to save the country’s foreign exchange reserves. Let us understand in detail what will be its direct impact on the common people?

The government has made it very expensive by changing the structure of import duty. Now 10% basic custom duty and 5% AIDC (Agriculture Infrastructure and Development Cess) will be levied on gold, which will have a direct impact on the people. Earlier, tax of about ₹ 13,500 had to be paid on 10 grams of gold, which will now increase to about ₹ 27,000, that is, due to tax alone, the price of gold may see a rise of ₹ 13,500 per 10 grams.

Impact of PM Modi’s ‘affordability’ appeal
This decision comes after the recent appeal of Prime Minister Narendra Modi, in which he urged the countrymen to avoid non-essential gold purchases and foreign trips. Due to Iran war in Middle East, uncertainty has increased in the global economy, due to which India’s trade deficit is increasing. The government wants people to help strengthen the country’s economy instead of investing in gold.

Impact on market and jewelery business
As soon as this news came, there was panic in the stock market. There was a huge fall in the shares of the country’s leading jewelery companies like Titan and Kalyan Jewellers. Experts believe that the demand for gold may decline by at least 10%.

light jewelery trend Big jewelers like Malabar Group and Senco Gold believe that now people will prefer lightweight jewelery instead of heavy jewellery.

replace old gold Now the trend of ‘exchange’ (buying new gold by giving old gold) will increase, because new purchases have become very expensive.

Will the rupee recover?
The main objective of the government is to stop the fall of the rupee. But, the Indian Rupee seems to be under continuous pressure. On Wednesday, the rupee weakened 0.1% against the dollar to 95.7450, a new record low. Earlier on Tuesday, the rupee had reached its old all-time low of 95.7375.

India imports almost all the gold it needs. Last year there was 710 tonnes of imports and due to heavy imports a lot of foreign currency (dollars) goes out of the country. The government believes that increasing import duty will reduce gold imports, which will reduce trade deficit and strengthen the rupee.

Industry experts have expressed a big concern that due to increase in tax, smuggling of gold may increase again. Smuggling had reduced significantly when the government reduced taxes in 2024, but now the 15% duty could reopen informal routes.

If you are thinking of buying gold for marriage or investment, then now you may have to change your strategy. The effect of this tough decision of the government is expected to last for at least a year, until the global situation becomes normal.