Pre-Budget Recommendations for Gems and Jewellery Industry by GJF
The recommendations include increasing PAN card limit at Rs. 5 lakh and above, GST at 1.25 per cent, etc.
GJF has already met the Ministry of Finance for making a representation of their pre-budget recommendations for the benefit of the Gems and Jewellery industry.
Following are few key recommendations from GJF:
- Recommend GST at 1.25 per cent for the Gems & Jewellery sector, as this will help the industry become compliant and organized.
- Increase the Mandatory PAN card limit to Rs. 5 lakhs and above
- Reduction in Import Duty on Gold from 10 per cent to at least 5 per cent
- The urgent need for the formation of domestic council for Gems & Jewellery sector is strongly recommended to address various domestic issues pertaining to the industry including generation of reliable database and regulation of fair trade practices in the industry and help the Government in the formation of industry friendly policies for trading and manufacturing.
- Recommend the Dore import to be kept under tight observation to avoid malpractices and no monopoly to be permitted
- Import of gold has presently been confined to Banks and nominated agencies. This can be continued, but over time more and more agencies should be given opportunity to be enlisted to allow good competition and easy availability of gold across the country.