Kochi, Jan. 29 -- Higher duties and levies are crimping the growth of gold industry in India, the second largest gold consuming nation, Baby George, Chief Executive Officer of Joyalukkas Group, has said.
Currently, the sector pays an import duty of 15% on top of other local taxes and levies including the Agriculture, Infrastructure and Development Cess.
Arguably, gold industry, perhaps, may be the single segment which is taxed at the highest bracket compared to other industries, he opined.
"While the industry is optimistic about policies supporting the jewelry sector, it would be appreciated to revisit the duty structure on gold industry which will significantly enhance its contribution to national income from the current level of 1.3% o...