Govt reviews November gold import data, error suspected – Newz9

NEW DELHI: The commerce division and Central Board of Indirect Taxes and Customs are reviewing the gold import numbers for Nov, amid issues that some error could have crept in to push up the general determine.
Latest knowledge launched by the commerce division earlier this week pegged gold imports at $14.9 billion, an over 4-fold bounce from $3.5 billion reported a yr in the past. As a outcome, whole imports soared to a document $37.9 billion, whereas the commerce deficit widened to an all-time excessive of just about $70 billion.
The downside appears to be the best way of information launch by the Directorate General of Commercial Intelligence and Statistics (DGCIS), which is a part of the commerce division.
“On noticing unusual surge, DGCIS has taken up detailed examination of the gold import data and reconciliation would be done with the data received by CBIC,” a supply within the division mentioned.
CBIC can also be trying on the numbers. A senior authorities official defined that the oblique taxes wing of the income division shares the general knowledge from ports. Where DGCIS appears to have made an error in the best way it has interpreted motion from warehouses in particular financial zones to the home tariff space, which might have resulted in some double counting, the officer mentioned. The extent of double counting is, nevertheless, unclear in the intervening time, officers mentioned.