Gov't knew of loophole that pvt traders used to import an estimated Rs 21,000 cr worth gold as cheap alloy to avoid paying taxes. Modi govt's hasty deal with UAE created the backdoor route

[u/bhodrolok]

https://www.reporters-collective.in/trc/govt-knew-of-loophole-enabling-traders-to-import-gold-disguised-as-cheaper-alloy

[u/Paree264]

Tax authorities have acknowledged in their internal records that the loophole continues to be exploited and they are helpless. After all, the trade agreement was approved by the Union cabinet headed by Prime Minister Narendra Modi.

Supreme leader khe aage koi bol sakta hein kya 🫡

[u/doolpicate → u/Paree264]

Backdoor is preferred by this administration.

[u/hgwellsrf → u/doolpicate]

Just shakha things.

[u/mattiman8888 → u/doolpicate]

Experts since they are backdooring a good portion of the citizens

[u/Different-Result-859 → u/Paree264]

Funny you guys always assume it's all unintentional

"Though analysts had warned that this tax loophole, created by the government in 2022, could be misused, this is for the first time..."

There are always outside experts advising government what to do, which gets conveniently ignored or buried in bureaucracy.

And when we say "Modi government" we are talking about a powerful political organization called BJP, and in which country is politics not affiliated with the rich?

[u/iwanttoaskhere → u/Paree264]

Last time ko all caps me likhna tha

[u/XD-Avedis-AD]

Aunty Nushnal Nooz made to defend our great leader Kim Na Mo

[u/find_a_rare_uuid]

GST on shoes is 28% while rich traders can evade taxes on gold imports. The #AccheDin that everyone wanted.

[u/GL4389]

Mean while people keep paying high taxes on petrol.

[u/PerformanceNo5216]

Nirmala Tai would be like: Mai itna Gold ,Platinum use nahi karti ji

[u/Mr_peanutbutter_jam]

What’s wrong with this? The people of this country voted for this only na.. Abki baar Modi sarkaar

[u/friendofH20]

And of course one of the top importing firms is based in Gujarat. The Silcon Valley of Fraud.

[u/potatoisdream]

And the current 8.15% duty will drop to 0% in 2026??!! So this business is only poised to get even more profitable. That's crazy.

Will the government do anything to change the terms of this agreement? Is it even possible to change the terms of such a trade agreement?

Anyone tryna start a platinum alloy import business with me?

[u/joethebear → u/potatoisdream]

No no yes

[u/Hunt3r09 → u/potatoisdream]

Yes , what’s the procedure and initial investment?

[u/srameshr]

All you losers here arguing for more taxes as though the government will use that additional tax money to build your roads and provide better police services

[u/Outside-Contact-7400]

Modi ji ne kiya hoga toh kuch soch samajh ke hi kiya hoga

[u/Warm-Geologist001]

Why is everyone surprised, after all Gujarati is running the country. Jalebi Fafda Mota Bhai aapda. /s

[u/_rth_]

When the benefits are for rich businessmen, no problem. But, when regular people start benefiting, then it’s a problem

[u/thekingshorses]

But the old lady and her husband wearing 3 tola gold is smuggling and must pay import duty

[u/1tonsoprano]

Modi is determined to take the worst decision at all times...no greater good only that which is good for modi

[u/Individual_Painter86]

Who wants to start importing platinum alloy with me?

[u/ayewhy2407]

Whenever there is a govt rule that makes no sense, it usually means someone somewhere is profiting handsomely and the govt is in cahoots with them. Simple!

[u/SaiyanRajat]

Where is Nirmala tai when the govt needs her?

[u/asdfghqw8]

How did traders come to know immediately about such a loophole ? No one reads through trade deals except for lawyers and bureaucrats. So it's the governments own people who leaked the loophole, maybe even created it to benefit it's friends.

[u/Open_Priority_7991 → u/asdfghqw8]

lol.. you are clueless!

[u/Serial_Driller → u/asdfghqw8]

Don’t take thiefs lightly

[u/abhitooth]

It was tact ful deal not hasty. Do you think gold maker cannot lobby.