Fashion

Government plans to boost jewelry exports with gold tax cut


The Union Trade Department has pushed for a reduction in import duties on gold in the upcoming government budget with the aim of increasing exports and boosting the gem and jewelry sector.

GJEPC wishes to boost jewelry exports worldwide – GJEPC India- Facebook

“As the gem and jewelry industry has asked the Commerce Department for a tax cut, the Commerce Department has also urged the Treasury to do the same,” sources close to the matter told the Press Trust of India. . “The ministry has also requested adjustment of import duties on some other products to promote production and exports.”

In July 2022, the government increased the import tax on gold to 15% to address the Current Account Deficit facing the industry. The base customs duty on gold is now 12.5% ​​plus an added 2.5% agricultural infrastructure development tax.

“Cuts in customs duties on gold and a gradual repair policy for jewelry will greatly benefit the sector,” said Colin Shah, former Chairman of the Jewelery and Gems Export Promotion Council. , said, PTI reported. “We also very much hope that there will be a flat tax on our specially notified regions for rough diamonds and a repeal of the tax on seeds used for laboratory production.”

The GJEPC is also lobbying for India to become a jewelry repair hub for businesses around the world. According to GJEPC, by strengthening its jewelry repair capacity, India can increase jewelry exports by up to $400 million.

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