Gems and Jewellery Export Promotion council (GJEPC) is disappointed with the Union Budget 2013-14. Vipul Shah, Chairman, GJEPC says, "We had suggested that while the industry would like a Presumptive Taxation regime in the long run, it would request the Finance Ministry to start by reducing the net profit to 2.5 percent of turnover instead of 6 percent for computation of income tax, as mandated under the Benign Assessment Produce (BAP). The Finance Ministry has not considered this and we are hugely disappointed." He further stated, "The Union Budget for 2013-14 is neutral for us, as nothing extensive has been stressed upon for the gem and jewellery sector. The only good news is that the import duty on the semi-polished coloured stones is reduced to two percent from 10 percent. In the past where only the finished or polished coloured stones had an import duty of two per cent, the reduction of import duty on semi-polished coloured stones is a respite. We are expecting some reformative measures in the Import Export Policy that will be revealed in one month’s time. We have already discussed a few key issues with the Finance Minister and we are hopeful that he will consider them in the Import Export Policy."