Assocham asks Centre to increase CVD on gold dore to 9%

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 Assocham asks Centre to increase CVD on gold dore to 9%Assocham has asked the Centre to relook at duties on gold, as per reports. It intends to gain a balance between refineries in excise paying areas vis-a-vis excise exempt areas, as there is an equal spread of refineries in both areas. The result would be no revenue loss and maintain the viability of refineries in excise paying areas, as per reports.

The body suggests to increase countervailing duty (CVD) on gold dore to 9 percent, and keep excise duty on refined bars made from gold dore at 9.25% , reports add. Also, Assocham viewed the advantage of dore refining over imported finished gold to be the value addition being done within the country thus creating employment, saving foreign exchange and generating tax revenues as direct taxes are paid to government on the refining income, as per reports. Assocham also believes there is enough opportunity to grow refining capacity further in India.



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