GJEPC Calls For Significant Reduction in Gold Import Duty
The Gems and Jewellery Export promotion Council (GJEPC) put forward various demands before the newly elected government in India. The proposals were presented during the pre-budget consultations held by the Finance Minister with the Council leaders in Delhi. The meeting was attended by Anurag Thakur, Minister of State for Finance and Corporate Affairs and other top delegates from the Finance, Revenue, Commerce and other departments.
During the presentation made by Pramod Agarwal, Chairman, GJEPC, the Council highlighted the urgent need for favorable government policy actions in order to ensure further growth of the sector. The Council put forward key proposals to be included in the upcoming Union Budget 2019.
The GJEPC demanded reduction in import duty on cut and polished diamonds and colored gemstones from existing 7.5% to 2.5%. In addition, it sought reduction in import duty on precious metals-gold and silver- from 10% to 4%. This has been a long-time demand by the Council. In addition, the Council called for duty drawback refund of 13% tax at airports to foreign nationals who buy jewellery from India.
The GJEPC noted that the introduction of presumptive taxation system for diamonds and gemstones would not only help in making the country a global hub for gems and jewellery, but also increase the ease of doing business.