What is custom duty on Gold and what is it?
What is Customs Duty on Gold and What Does It Mean? Gold has always held a special place in the global economy, especially in countries like India, China, and the Middle East, where it serves not only as a valuable investment but also a symbol of culture and tradition. As international trade in gold grows, so does the importance of understanding the regulations surrounding its import and export — and central to this is the concept of customs duty on gold . This article explores what customs duty on gold is, why it exists, how it's calculated, and its implications for individuals and businesses. What is Customs Duty? Customs duty is a type of indirect tax imposed by a country’s government on goods imported into or exported out of the country. The primary objectives of customs duty are: Revenue Generation: Customs duties are a significant source of revenue for many countries. Trade Regulation: Duties help control the volume of imports and exports to protect domestic i...