Gold was formerly widely purchased by NRIs in dubai because of its cheap cost and VAT-free status. But subsequent adjustments have increased the allure of purchasing gold in India. Three main advantages for the jewellery industry were brought about by the indian Union Budget 2024:
 
* Customs Duty was reduced from 15% to 6%.
* Long-Term capital Gains Tax dropped from 20% to 12.5%.
* The holding period for gold to qualify as a long-term asset was cut from 36 months to 24 months.

Due to these modifications, indian gold prices are now more affordable than those in Dubai. Buying gold overseas is made less appealing by the fact that NRIs in dubai do not obtain VAT refunds and indian tourists only get half refunds.

Purchasing gold locally helps you avoid problems like mismatched designs and extra charges for adjustments. local gold purchases are anticipated to increase as a result of the shorter holding periods and reduced taxes. Additionally, this may enhance official transactions while decreasing illicit gold trafficking. Because the present rate of GST on jewellery is 3%, it is hoped that future rises won't lessen these advantages. All things considered, these changes are increasing the allure and convenience of buying gold locally.
 

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Dubai Gold

G GOWTHAM

27/07/2024 11:31 AM