Budget 2021-22: making the GJ sector more organized!
Promotes fair businesses and discourage unorganized trade! Budget shows the Government caring consumers! As scheduled Nirmala Sitharaman, Minister of Finance presented the Budget 2021-2022 proposals on February 1, 2021. De facto the Budget proposals for 2021-2022 rest on 6 pillars, i. Health and Wellbeing, ii. Physical & Financial Capital, and Infrastructure, iii. Inclusive Development for Aspirational India, iv. Reinvigorating Human Capital, v. Innovation and R&D & vi. Minimum Government and Maximum Governance. Looking at Gem and Jewellery (GJ) industry & trade, the budget said: “Gold and silver presently attract a basic customs duty of 12.5%. Since the duty was raised from 10% in July 2019, prices of precious metals have risen sharply. To bring it closer to previous levels, we are rationalizing custom duty on gold and silver.” For the disposal of seized gold said, “1. Section 110 of the Customs Act is proposed to be amended to revise the procedure for pr