GJ Town India

Gem & Jewellery industry disappointed with increase in import duty on Gold & precious metals: GJEPC With cost of doing business going up, export competitiveness will go down; Indian exporters will lose business to neighbouring countries resulting in job losses! The Gem & Jewellery Export Promotion Council (GJEPC) has sought rollback and further reduction in import duty on Gold and precious metals, which has been increased to 12.5% as announced by Hon. Union Finance Minister Smt. Nirmala Sitharaman during the presentation of Union Budget 2019-20.   GJEPC has also sought a reduction in import duty on Cut & Polished Diamonds from 7.5% to 2.5% as part of the Government’s focus on enhancing exports and strengthening India’s positioning as a world leader in the diamond cutting and polishing business. Mr. Pramod Kumar Agrawal, Chairman, GJEPC, said, “The gem & jewellery industry is going through very tough times with decline in exports and ...

All India Gem & Jewellery fraternity thanks H’ble FM Smt Nirmala Sitharaman ji for the Union Budget 2019 – 20 However, Gold will now become more expensive in India! Union Budget is disappointing, unfortunate & not in sync with Make in India principles: Says GJC about hike in Gold import duty in Union Budget GJC demands rollback and further reduction in gold import duty to avoid increase in domestic prices, encourage cross border smuggling and unfair trade practices. All India Gem and Jewellery Domestic Council (GJC) has termed the proposed increase in import duty of gold from 10% to 12.5% as disappointing and unfortunate; adding that Gold will become more expensive in the country. GJC had sought immediate rollback and further reduction in Import Duty on Gold. GJC has said that this will have a negative impact on the indigenous Gem & Jewellery industry, which predominantly comprises handcrafted and labour intensive craftsmen. Over 55 lakh skil...

A transparent trading market required! Jewellery fraternity on Budget 2019-20 Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman announced her Union Budget 2019-20 proposals and in the context gem & jewellery fraternity reacted over the Budget proposals. Let’s learn choicest views at the juncture! Somasundaram PR, Managing Director, India, World Gold Council: “Import duty hike on gold from 10% to 12.5% will negatively impact India’s gold industry. This will impede efforts to make gold as an asset class particularly when gold prices are already rising globally. In addition, the grey market will thrive which will dilute efforts to reduce cash transactions. Millions of Indians invest in gold as part of their household savings, not simply as discretionary spending for consumption. People buy gold as a long-term investment to protect their wealth and gold also has huge significance socially, emotionally and economically in India. An incre...

Supplier exemption Enhanced to Rs. 40 lakhs Less than Rs. 5 Crore of Annual Turnover shall file quarterly return Further simplification of the GST processes, increasing Special Additional Excise duty and Road and Infrastructure Cess on petrol and diesel by one rupee each, hike in Customs Duty on Gold and precious metals to 12.5% and imposing nominal basic excise duty on tobacco products and crude are among the salient proposals pertaining to the Indirect Taxes in the Union Budget 2019-20. It also provides for exempting import of certain Defence Equipments from basic customs duty, reducing customs duty on certain raw materials and capital goods, and rationalization of export duty on raw and semi-finished leather. GST: Presenting the Budget in Parliament, the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman announced that GST processes are being further simplified.   The threshold exemption limit for a supplier of goods is proposed to be...