Budget expectations of the GJ Trade!

…while market is at transformation!

This is in general in India that to expect from budget and especially a relaxation of tax-n-levies! De facto the Union government has determined to implement the comprehensive gold policy for India which is being impending since independent of India.

Government is firm to reform the gold market India & that includes everything in the context gem-n-jewellery (GJ) industry & trade and that begins right from gold import & up to selling to consumers, including skill development & consumers’ right protection.

So far as what I have learned that the road map of the government is very prudent to reform the industry & trade. Yet, let’s talk suits to the occasion! Lets’ expect from the budget yet the government is firm to give a whole of the well regularized industry & trade including exports with all EoDB!

Fantastic working is on at the Union government for our gem-n-jewellery industry & trade. That has begun with the launch of DCGJ by Suresh Prabhu. Be clear, budget is not the only tool with the government! –Nayan Jani, Veteran GJ media player:

Ms Vaishali Shah, Director, Rivana Gold and Diamonds expect & say, “Reductions in duty will bring down prices! This will boost sales. Also this year more auspicious days so sales are expect to be higher.” While expressing on budget, Mr Snehal Choksey, Director, Shobha Shringar Jewellers says, "There will be a status quo as far as gems and jewellery industry is concerned because this year will be 'vote on account' and also this being an election year no unpopular measures will be taken".

Quote on Pre Budget Expectation by Mr. Ishu Datwani, Founder, Anmol is very compact this year & he says, “ I wish the Budget is generally Pro business, Reduction in the income tax so there’s more money available to the tax payer to spend and give an impetus to the economy. More ease of doing business and more faith in the taxpayers thus reducing paper work.”

 

Mr Vaibhav Saraf, Director, Aisshpra Gems and Jewels express his wish & says, “This budget is the last budget of the Modi Government before election and therefore we expect it to be citizen friendly. The government has been considerate towards our industry with GST and we hope that they continue to do so with the upcoming budget.

 

We are expecting reduction in custom duty on gold to 5% and lowering Income Tax slab for partnership firms and individuals from existing 30% to 25%.”  Mr Shreyansh Kapoor, Vice President, Kashi Jewellers says, ''We are hoping for a positive budget as for the very first time the government is planning to make a National counsel to take the gems and jewellery sector forward.

We are looking forward to reduction in import duties from 10% to around 4-5%. The government should encourage manufacturing and exports by creating more SEZ's and by providing more skill development canters so manufacturers can hire more people, with quality work we can earn precious foreign exchange for India. Lastly, reduction in a number of taxes like corporate tax, partnership tax, etc would be a great relief for the business.''