GJ Industry & trade eye on the budget 2022-23
Key
players express their expectations…
Sachin Jain, Managing Director, De Beers India: “The Gems and Jewellery sector contributes to 7% of India’s GDP and forms around 12% of our export basket and plays a critical role in terms of employment generation. Over the past year the industry bounced back and performed well due to multiple positive steps taken by the government including reducing the import duty on gold and silver as well as ensuring there were no drastic increases in personal taxes.
Beginning 2021, we also noticed that consumers moved towards purchases that were meaningful and brought value to their lives where jewellery played an important role. We look forward to the forthcoming budget in view that the gems and jewellery sector plays a pivotal role in the growth of the economy.”
Aditya Pethe, Director, WHP jewellers:
I hope the government provides this segment some relief as these businesses also employ a lot of unskilled and skilled labour. There should be some tax relief for the middle class as well so that their disposable income increases which will help them to recover from the impact of lockdowns and also boost consumption.
The middle class is the backbone of the Indian economy and strengthening them will strengthen the economy. For the Gems & Jewellery Industry, I hope that the import duty on gold is reduced as there is a drastic difference in International Gold prices vs Indian. This will reduce the gold prices making the yellow metal more accessible for consumers.”
Ishu Datwani, Founder, Anmol Jewellers: “I hope that the upcoming budget brings with it a reduction on import duty and a reduction of GST on Gold. The PAN card limit on buying jewellery should be increased to 5Lacs and foreclosure charges in banks can be removed.
There should also be an introduction of GST on MCX trading to create a level playing field. Having said that, even though some of this may or may not happen, I do feel it will be a very people-friendly budget and will give a much-needed impetus to the economy.”
Vaibhav Saraf, Director, Aisshpra Gems & Jewels: “As a citizen, I hope that there is a tax relief so that the disposable income of individuals can increase. This will increase net spendable income and support demand. I also expect an increase in the standard deduction from 50000 to 100000.
As a jeweller I hope that the new budget brings reduced tax slabs for LLP’s which would be in line with tax slabs for corporates. The GST should be maintained at 3% for jewellery if not reduced and a reduction in tax compliances.”
Shrey Mehta, Director, Pooja Diamonds: “Major aspects of budget representations are duty cuts primarily for gold, cut and polished diamonds, precious and semi-precious gemstones, etc. As an industry, we hope that the finance minister considers these aspects in Budget 2022.”
Bhavik Chinai, Group CEO, BVC Logistics: “We expect the Union Budget to provide for large incentives for jewelry exporters for exporting <$1000 shipments which will boost e-commerce & could make India a global leader in jewelry, like in diamonds.
A higher interest rate in the Gold Monetization Scheme will lead to improved Indian BOP & employment in the jewelry sector.
We are hoping for a higher budget for new airports, tax benefits for logistics capex & simplification of procedures for new exporters through a single window between DGFT, Customs & GST will unquestionably help the e-commerce & logistics industries.”
Dr. Akshay Singhal, Founder, Log 9 materials, working in Nanotechnology Domain and EV: “In the upcoming Union Budget, from the EV ecosystem perspective, we hope to see that the FAME Subsidy corpus should be extended to EV retro fitment kits.
Additionally, more R&D incentives should be given for energy storage and EV technology-related developments in India, as well as R&D investments made into local technology developments, which should be made 100% adjustable against corporate taxes.”
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