Now, Mumbai has taken the title from Ahmedabad, as the preferred centre for bullion trade in India. With the implementation of the Goods and Services Tax, the octroi has been withdrawn, that dealers had to earlier pay on gold-silver purchases.
In the pre-GST era, there was 2% octroi on silver and 0.1% octroi on gold in Maharashtra; it has now been subsumed in GST.
Mumbai grabs bullion hub tag from Ahmedabad
Nearly 50% of bullion business shifted to Mumbai from Ahmedabad
Though bullion is imported in Gujarat as the stamp duty is less, but it is now being shifted to Mumbai with the withdrawal of octroi in Maharashtra. Earlier, there was no octroi in Gujarat, so the vaulting of bullion was done there.
Now, nearly 50% of bullion business has shifted from Ahmedabad to Mumbai, after GST was rolled out.