Union Budget 2023 Updates

In the Union Budget 2023, Finance Minister Nirmala Sitharaman Announced a hike in import duties on gold, silver and platinum, while reducing the duties on the diamond seed. According to the budget, the customs duty on gold, silver and platinum has been increased from 12.5% to 15%. The move is aimed at curbing imports of these precious metals, which are seen as a drain on the country's foreign exchange reserves. At the same time, the Government has reduced the customs duty on diamond seeds from 10% to 5%. This is to encourage more investments in the diamond sector, which could lead to more job creation in the country.

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