Synopsis The FM announced that there will be a reduction in Customs duty uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels.
Budget 2021: 10 key takeaways from FM Sitharaman’s announcements for MSME sector
Presenting the Budget 2021, Finance Minister Nirmala Sitharaman proposed to review more than 400 old exemptions in customs this year. The government is to put into place a new customs duty structure by Oct-1, 2021, Sitharaman announced today .
Besides rationalising customs duty on Gold and Silver, the FM announced withdrawing exemptions on some parts of mobile phones to boost local manufacturing of smartphones. Also, some parts of mobiles would move from NIL to 2.5% rate and the government would grant exempt duty on steel scrap for a specified period.
Budget 2021: Gold customs duty cut to reduce not just prices but also smuggling
Union Budget 2021 gold: Currently, gold attracts 12.5 per cent import duty and 3 per cent GST and total duty and GST implication works out to be 15.5 per cent
PB Jayakumar | February 1, 2021 | Updated 16:34 IST
The gold and diamond trade together accounts for 7.5 per cent of the country s GDP and 14 per cent of the country s total exports
Union budget for 2021-22 has reduced basic customs duty on precious metals like gold and silver from 12.5 percent to 7.5 percent, which will help to bring down retail prices, make exports more competitive and arrest the trend of increased smuggling into India.
The government on Monday announced cut in import duty on gold and silver, a move that will help bring down prices of these precious metals in the domestic market and boost exports of gems and jewellery.
The duty was reduced on other precious metals including gold dore bar, silver dore bar, platinum, gold/silver findings, and precious metal coins. Gold and silver presently attract a basic customs duty of 12.5 per cent. Since the duty was raised from 10 per cent in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalising customs duty on gold and silver, Finance Minister Nirmala Sitahraman said while presenting the Union Budget 2021-22.
Government cuts import duty on gold, silver
Updated:
Updated:
February 01, 2021 16:37 IST
The duty was reduced on other precious metals including gold dore bar, silver dore bar, platinum, gold/silver findings, and precious metal coins.
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The duty was reduced on other precious metals including gold dore bar, silver dore bar, platinum, gold/silver findings, and precious metal coins.
The government on Monday announced cut in import duty on gold and silver, a move that will help bring down prices of these precious metals in the domestic market and boost exports of gems and jewellery. The duty was reduced on other precious metals including gold dore bar, silver dore bar, platinum, gold/silver findings, and precious metal coins.
Gems and jewellery exporters body asks government for jewellery repair policy in next FTP
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Last Updated: Jan 31, 2021, 11:17 AM IST
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Synopsis
Gems and Jewellery Export Promotion Council (GJEPC) Chairman Colin Shah said that they have suggested the commerce ministry that a jewellery repair policy is required as India has all the infrastructure to become a hub of the world in repair and restoration of old and damaged jewellery.
NEW DELHI: Gems and jewellery exporters body GJEPC has asked the government to formulate a friendly jewellery repair policy in the next foreign trade policy, stressing that India can emerge as a global restoration hub of old and damaged jewellery items. The commerce ministry is holding stakeholder consultations for the formulation the next foreign trade policy (FTP) for five years (2020-25). It is expected to be rolled out in April.