Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: due date for vat payment :: VAT Audit :: TDS :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
Customs and Excise »
 Central Board of Excise and Customs to soon notify new procedural framework
 CBEC set to be Central Board of Indirect Taxes and Customs
 Govt to give customs, excise duty benefits to boost solar rooftop sector
 Clarification regarding posting of Central Excise officer in Cigarette units-reg.
 Ensure transparency in excise department working: Bizmen to government
 It is time to review the customs duty on essential food imports
 Migration to GST of existing Central Excise / Service Tax Assessees
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty

Hike in customs duty likely to boost gold smuggling
March, 23rd 2012

The proposed hike in customs duty in the recently presented Union budget could come as a boon for gold smugglers.

The Centre has proposed to increase duty from two to four per cent for gold coins, bars, platinum and levy one per cent excise duty on the unbranded jewellery.

With this duty structure, buyers have to pay Rs. 5,000 to Rs.6,000 more for purchasing 100 grams gold biscuit and this hike could force many to look at options of smuggling gold from foreign countries due to price variation in India and United Arab Emirates market, felt R.S. Brothers Showroom Director Kalpesh.

According to jewellers, Gujarat coast along with port cities such as Visakhapatnam and Kakinada, Chennai and Mumbai could be safe places to smuggle yellow metal from foreign countries.

Most smugglers prefer to bring the contraband from Gujarat coast through sea route owing to its proximity to Dubai.

They explained smugglers transport contraband in merchant ships and hand it over to their associates before coming to the harbour.

Less surveillance

Smugglers usually prefer sea route as there will be less surveillance at the ports when compared to airports. Soon after getting gold, the metal would be delivered to merchants concerned, they said.

Another modus operandi is bringing contraband in flights from Dubai, Singapore and other foreign countries.

Some would carry imitation jewellery with them while going to a foreign country where they would purchase the same design ornaments made with original gold and return to India after a few days.

Customs officials busted several international gold smuggling rackets with the arrest of air passengers earlier.

Two years ago, the Air Intelligence Unit of Customs department cracked a racket at Trichy airport and seized 5 kg of gold biscuits smuggled from Sri Lanka.

Three garment traders were also nabbed at Pune international airport last year for allegedly smuggling gold.

When contacted, Customs officials in Hyderabad said, Chances of gold smuggling are now bright with the Centre's move. Cases were not reported earlier as customs duty was less, they added.

Meanwhile, jewellers from twin cities took out a candlelight rally from Charminar to Gulzar Houz demanding that the Central government rollback the proposed hike in customs duty.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions