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Budget 2024: Expectations of Commodity markets

 
Budget 2024: Expectations of Commodity markets

Interim Budget 2024



The commodities market is among the many sectors of the Indian economy holding its breath as the deadline for the presentation of the interim budget approaches. Participants in this market are keen to learn how the government's fiscal policies 

Stakeholders in the gold industry want the import duty on gold to be lowered from 15% to 10%.

Special benefits, such as 0.5% tariff reduction for imports through the India International Bullion Exchange (IIBX), are also sought after by the gold business. Industry leaders think that these actions might strengthen the gold market and promote economic expansion.

The gold industry also expects for other policies that are favorable to consumers in addition to lowering import duties. This includes eliminating the capital gains tax on jewelry sales and allowing monthly installments for gold purchases.

The removal of the commodities transaction tax (CTT) and the admission of Non-Resident Indians (NRIs) to the market are among the other demands made by players in the commodities market.

Advocates of unifying commodities under a single regulator are also present. More efficiency and transparency in the market could result from streamlined oversight provided by a single regulatory framework.

A proposal to replace the existing goods and services tax (GST) on commodities with an integrated GST has also been put out; this move has the potential to streamline taxation procedures.


(Image credit: https://www.indiatoday.in)

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