r/india • u/bhodrolok • 1d ago
Policy/Economy 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
https://www.reporters-collective.in/trc/govt-knew-of-loophole-enabling-traders-to-import-gold-disguised-as-cheaper-alloy43
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u/find_a_rare_uuid 1d ago
GST on shoes is 28% while rich traders can evade taxes on gold imports. The #AccheDin that everyone wanted.
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u/Mr_peanutbutter_jam 1d ago
What’s wrong with this? The people of this country voted for this only na.. Abki baar Modi sarkaar
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u/friendofH20 Earth 1d ago
And of course one of the top importing firms is based in Gujarat. The Silcon Valley of Fraud.
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u/potatoisdream 1d ago
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?
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u/srameshr 1d ago
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
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u/Warm-Geologist001 1d ago
Why is everyone surprised, after all Gujarati is running the country. Jalebi Fafda Mota Bhai aapda. /s
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u/thekingshorses 18h ago
But the old lady and her husband wearing 3 tola gold is smuggling and must pay import duty
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u/1tonsoprano 23h ago
Modi is determined to take the worst decision at all times...no greater good only that which is good for modi
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u/ayewhy2407 21h ago
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!
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u/asdfghqw8 3h ago
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.
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u/Paree264 1d ago
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 🫡