Taking advantage of GST, traders likely to import 25 tonnes of gold from S Korea

Indian traders are likely to import 25 tonnes of gold from South Korea in July and August, taking advantage of a recent tax change that allows importers to ship in gold without paying a 10% customs duty, industry officials told Reuters. The cheap imports are putting pressure on local refiners and banks who cannot match the steep discounts being offered on bullion sales from the duty-free gold from…