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Budget 2022: Four percent reduction in gold import duty, special package demand in the budget Budget 2022: Four percent reduction in gold import duty, special package demand in the budget

Photo:INDIA TV

Budget 2022

Highlights

  • Suggested reduction of import duty from 7.5 percent to 2.5 percent
  • India is the fifth largest exporter of gems and jewelery in the world
  • Policy reforms will make India more competitive in the global market

New Delhi. The Gems and Jewelery Export Promotion Council (GJEPC), in its recommendations for the upcoming general budget, has urged the government to reduce import duty on gold from 7.5 per cent to four per cent. Along with this, the council also demanded a special package for this area. The GJEPC in its pre-budget recommendations has suggested reduction of import duty on cut and polished diamonds and gems from 7.5 per cent to 2.5 per cent.

“If (gold) is imported at four per cent duty rate, instead of Rs 500 crore, only Rs 225 crore of working capital will be blocked,” the council said in a statement. Apart from this, the council also made suggestions like amendment of taxation provisions for sale of rough diamonds in special notified area of ​​Mumbai, clarification on online equalization cess for international diamond auctions and extension of sunset clause to SEZ units.

GJEPC Chairman Colin Shah said that India is the fifth largest exporter of gems and jewellery, accounting for 5.8 per cent of the global gems and jewelery exports. “We will achieve the target of US$ 41 billion for this sector (in the current financial year). Now we have set a target of exporting 100 billion US dollars in the centenary year of India’s independence. In this sequence, we appeal to the government to announce a special package for this sector in the upcoming general budget. The only way forward for this sector is through policy reforms, which will make us more competitive in the global market, he said.

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