Budget 2024: Jewellery industry urges for 5% import duty cut on gold. What it means

Decoding the impact that is expected from the 5% waiver, Mahendra Luniya, chairman & founder of Vignaharta Gold said that in FY23, India's gold imports totaled an estimated Rs 2.8 lakh crore and at a 15% import duty rate, the industry's customs duty payout is estimated at Rs 42,000 crore, noting that the latest exact data was not available with him.