Plea to Cut India s Import Duty on Gems a
nd Precious Metals
(IDEX Online) - India s government must reduce import duties on precious metals a
nd diamonds, o
r face a surge on smuggling and other criminal activity, an industry bodies has warned.
The All India Gem and Jewellery Domestic Council (GJC) is seeking a reduction from 12.5 per cent to four per cent on gold, silver and platinum in next month s budget. If the tax rate is kept at this level it will encourage smuggling and encourage people to do unorganised business, the council s chairman Anish Pethe told
Times of India.
Gems & Jewellery exports in December grows 6.3% to $2.49 billion
However, the overall gross exports of the sector remained down by 39.98 percent to $16.53 billion during April December 2020 period as compared to $27.54 billion during the same period last year, the official said. PTI (Image: Reuters)
The overall gross export of gems and jewellery remains strong and registered a growth of 6.33per cent to $2.49 billion during December 2020 as compared to $2.35 billion in the corresponding month of 2019, a senior GJEPC official said.
In Rupee terms, the sector grew by 9.2 percent in December 2020 to Rs 18,261 crore.
However, the overall gross exports of the sector remained down by 39.98 percent to $16.53 billion during April December 2020 period as compared to $27.54 billion during the same period last year, the official said.
Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%
PTIJan 14, 2021, 08:51 IST
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Mumbai, Jan 13 () The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in
import duty on polished precious and semi-precious gemstones, in the upcoming Union
Budget 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told , We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business.
Gem & Jewellery exports in Dec grows 6.3% to $2.49 billion
PTI
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In Rupee terms, the sector grew by 9.2 per cent in December 2020 to ₹18,261 crore The overall gross export of gems and jewellery remains strong and registered a growth of 6.33 per cent to $2.49 billion during December 2020 as compared to $2.35 billion in the corresponding month of 2019, a senior GJEPC official said.
In Rupee terms, the sector grew by 9.2 per cent in December 2020 to ₹18,261 crore.
However, the overall gross exports of the sector remained down by 39.98 per cent to $16.53 billion during April-December 2020 period as compared to $27.54 billion during the same period last year, the official said.
The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones, in the upcoming Union Budget 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told PTI, We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business. He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds.