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You Can Buy Gold Without Paying Tax In This Country - Read Here
The government decided to allow tax-free gold on February 21 `to honour the doubly auspicious day` and `to stimulate tourism,` according to state-run newspaper Kuensel.
Highlights
- More than 90% of the nation's gold needs are met through imports.
- In 2022, it took in roughly 706 tonnes of gold from outside.
- In 2022, around $36.6 billion was spent on gold purchases abroad.
New Delhi: Gold has always been a means of saving for Indians. More than 90 percent of the nation's gold needs are met through imports, and in 2022, it took in roughly 706 tonnes of gold from outside. In 2022, around $36.6 billion was spent on gold purchases abroad. Bhutan now permits Indian visitors to Phuentsholing or Thimphu to purchase gold tax-free.
The Bhutanese government decided to allow tax-free gold on February 21 "to honour the doubly auspicious day (His Majesty The King's Birthday and Losar, the Bhutanese New Year)" and "to stimulate tourism," according to state-run newspaper Kuensel. (Also Read: Mumbai: 16-Year-Old Instagram User Wanted 50,000 Followers, Gets Duped Of Rs 55,000)
Nowadays, a lot of Indians travel to Dubai to purchase gold because the price is lower there due to fewer taxes. (Also Read: Honda Closes Its Plant In Pakistan- Here's Why)
Gold Rate in Bhutan
The most recent rates indicate that 10 grammes of 24 karat gold in India cost Rs 55,630. The price of gold in Bhutan right now is BTN 37,588.59 in Bhutanese Ngultrum, however. Indians can buy one BTN for about Rs 37,588.49 since one BTN is roughly equivalent to one Indian rupee.
Terms and conditions to buy tax-free gold from Bhutan
- Indians will need to pay a sustainable development fee (SDF) of Rs 1,200–1,800 in order to benefit from duty-free gold.
- The Bhutanese government's tourist-certified hotels are where you must spend at least one night.
- In order to purchase the gold, visitors must also have US money.
In 2022, Bhutan's National Assembly passed a law requiring visitors to the country to pay the SDF, or special entry fee, which is characterised as a tourism tax. Indian citizens must pay between Rs 1,200 and Rs 1,800 per person per day, while foreign visitors must pay between $65 and $200.
Who is permitted to buy tax-free gold from Bhutan?
All tourists who pay the SDF will be permitted to buy gold duty-free as long as they stay at a hotel that has been approved by the Department of Tourism for at least one night, claims Kuensel. Beginning on March 1, buyers can acquire gold in Phuentsholing and Thimphu.
How much gold Indians can import from Bhutan?
An Indian man is allowed to import gold worth Rs 50,000 (about 20gm) and an Indian woman is allowed to import gold worth Rs 1 lakh (approximately 40gm) tax-free into India from overseas.