Duty cut on precious metals to help contain smuggling, but cost govt Rs 28,000 cr in revenues: GTRI

India's 2024 Budget has significantly reduced customs duties on precious metals, reducing them from 15% to 6% for gold bars, 14.35% to 5.35% for gold dore, 15.4% to 6.4% for platinum, 15% to 6% for silver bars, and 14.35% to 5.35% for silver dore. The reductions are expected to help reduce smuggling but will result in an annual revenue loss of over Rs 28,000 crore for the government based on 2023-24 import levels.