Budget Cuts Gold Import Duty and Removes Angel Tax to Boost Economy

Commerce and Industry Minister Piyush Goyal announced that the Budget's decision to cut import duty on gold will boost domestic manufacturing and jewelry exports. The removal of angel tax will strengthen the startup ecosystem. Finance Minister Nirmala Sitharaman proposed a reduction in customs duties on precious metals to support economic growth.

Commerce and Industry Minister Piyush Goyal announced on Tuesday that the Budget's decision to slash import duty on gold to 6% aims to bolster domestic manufacturing and boost jewelry exports. He noted that the move would also help curb smuggling and benefit people during the high-demand marriage season.

In addition, the removal of angel tax for all classes of investors is set to strengthen the startup ecosystem, fostering the growth of budding entrepreneurs. Angel tax is a levy on funding raised by unlisted companies if their valuation exceeds the company's fair market value.

Presenting the Union Budget 2024-25, Finance Minister Nirmala Sitharaman said the government aims to enhance domestic value addition in precious metal jewelry by reducing customs duties. The Budget also focuses on capital expenditure to cut logistics costs and fuel manufacturing and exports.

(With inputs from agencies.)