And now the import duty hike from 2% to 4% adds yet another wrinkle.
FORBES: India's Gold Merchants Fight to Regain Their Glitter
An excise tax was shelved this week, although a higher import duty was left in place.
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Alternatively, they can import approved, non-polluting vehicles with a big discount on import duty.
To offset their losses, the government has also agreed to cut the import duty on crude oil.
Jewellery shops remain bustling and Bhombhal, unbothered by the government's decision to raise the import duty on gold.
Colombia is already seeing rapid growth in demand for Scotch, and removal of 15% import duty can only help.
Last week the Americans expanded the list of goods that poor African countries can import duty-free to the United States.
The import duty is also expected to have only a negligible impact.
FORBES: India's Gold Merchants Fight to Regain Their Glitter
Last year's rise in import duty only had a temporary impact on demand, and some analysts said the latest move would have little effect.
Even an import duty of up to 40% on foreign luxury goods into India has not kept most Western luxury retailers out of the market.
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The top import duty is down from 45% to 40%, but various intermediate rates have edged up, so the total take will go up a bit.
Despite a doubling of import duty on the metal recently, the purchase of gold continues unabated: India imported a whopping 850 tonnes of the yellow metal in 2012.
Increased import duty on high-end luxury motor vehicles and yachts.
Anecdotal evidence suggests that gold imports were strong in the month, and were front loaded in anticipation of the hike in import duty, Sanyal wrote in a note to clients today.
If this limit is breached, HM Revenue and Customs can insist on the payment of import duty and VAT of up to 20% on many items, which may include those prized jeans or iPods.
Mohit Kamboj, President of the Bombay Bullion Association says he does not think this hike in gold import duty will affect a consumers appetite for gold, even if it means a gold bracelet may cost a little bit more.
The authorities have taken a number of steps to restrain the demand for the metal, including the federal government raising the import duty on gold and the RBI forbidding banks and non-bank financial companies from financing the purchase of gold in any form.
For example, you didn't mention that the recent interest-rate rise on January 31st followed both an unexpected increase in the cash reserve ratio by the central bank and cuts to import duty on several items by the government in order to check inflation.
Mr Sinha has imposed a flat 8% import-duty surcharge (with some exemptions), and has increased duties still further on several items, such as copper.
When businessmen complained about an import-duty surcharge of 8%, which was supposed to help them but instead pushed up their costs of production, he halved the surcharge.
Cheap labour, fiscal support such as duty-free import of fabrics and accessories, and new infrastructure to help smoother, quicker exports have helped the industry grow rapidly.
Section 604 of the 1974 Act authorizes the President to embody in the HTS the substance of relevant provisions of chapter V of that Act, and of other Acts affecting import treatment, and of actions taken thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
Section 604 of the 1974 Act (19 U.S.C. 2483) authorizes the President to embody in the HTS the substance of the relevant provisions of that Act, and of other acts affecting import treatment, and actions taken thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
In the past, foreign business offices were allowed to import cars, computers and so forth duty-free, on the understanding that they would eventually re-export them.
No, really, Lifesavers are now made in Canada because they can buy sugar at that lower world price and then import the candy without paying the sugar duty.
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An unexpected substantial increase in the import tax on gold and the introduction of an excise duty on gold jewelry resulted in a three-week countrywide strike among jewelers until the government agreed to end the excise duty.
In the first instance, this would allow Timor to import 45, 000 cars wholly made in South Korea free of duty (the tariff rate for other cars entirely made abroad is 125%).
Chinese garlic would be declared, at import, as originating in countries with whom the EU has preferential arrangements in place, where normal customs duty do not apply.
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