00:00Finance Minister Nirmala Sitharaman will present a union budget for the financial year 2025-2026 on 1 February.
00:12After the previous budget, gold and silver were much cheaper because the finance minister reduced custom duty.
00:19Even this time, the jewellery industry is trying to reduce GST on gold from Finance Minister Nirmala Sitharaman.
00:25If the government agrees to their suggestion, then gold can be cheaper after the budget.
00:31GST rates on gold are 3%.
00:34This means that if you are buying gold worth Rs 10,000, then you have to pay Rs 300 GST on it.
00:40The jewellery industry is asking to reduce the rates of GST on gold in the budget of 2025.
00:48The gold industry says that the current 3% GST is a big burden that has a bad effect on competition.
00:55This also reduces the opportunity for employment.
00:57The jewellery industry is demanding to reduce the GST rate from 3% to 1% on gold in the coming budget.
01:04It is said that it will give a lot of relief to the industry and customers.
01:08The industry's argument is that the price of gold is constantly increasing.
01:11In this case, having more GST is a big burden on the industry and customers.
01:17This is also affecting the purchase and sale of gold.
01:19If Finance Minister Nirmala Sitharaman reduces GST on gold in the budget of 2025-2026,
01:24then it will reduce the price of jewellery.
01:27The industry hopes that the sale of gold in rural areas will increase.
01:32The industry is trying to apply GST rates for lab-grown diamonds.
01:37Currently, GST rates are applied on both natural and lab-grown diamonds.
01:43According to experts, there is a 9% chance of reducing custom duty in the budget.
01:50Experts say that the government has reduced import duty from 15% to 6% in the last budget.
01:56Therefore, there is very little chance of change in the current duty structure.
02:00The government can start increasing scrap gold recycling in the country to reduce gold imports.
02:07So, what is your opinion on gold in the budget of 2025?
02:11Will its price increase or fall?
02:14Give us your opinion in the comment box.
02:16Also, tell us how much the price of gold will affect the share market by decreasing or increasing.
02:22Give us your opinion in the comment box and keep watching Good Returns for such updates.
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