Budget 2024 Expectation: In the interim budget, relief arrangements can be made by the government for the gems and jewelery sector. An announcement can be made to reduce the import duty on gold and selected diamonds.
The government may make relief arrangements for the gems and jewelery sector in the interim budget to be presented on February 1. According to information received by Hindustan through sources, an announcement can be made to reduce the import duty on gold and selected diamonds for these businessmen.
What is the demand of businessmen:According to the information, the businessmen had appealed to the government to provide facilities in the budget to make raw materials available at cheaper rates. Keeping this in view, the government is considering providing relief to Indian businessmen due to global competition. Import duty on gold and cut and polished diamonds can be reduced in the upcoming budget. Also, the duty on import of precious metals can be reduced from the current 15 percent. The demand of businessmen is to reduce it to 4 percent.
Big employment opportunities will also be created: This step will make it easier for the Indian market to sell its products across the world. MSME diamond exporters associated with the gems and jewelery sector of the country will be able to get a level playing field with their larger counterparts. Apart from this, huge employment opportunities will also start being created in the factories associated with it.
Apart from this, the government is also requested to implement the “Rate and Tax Refund” mechanism through EDI or Electronic Data Interchange system like GST refund on behalf of the businesses to fully avail the benefits of India-UAE Comprehensive Economic Partnership Agreement i.e. CEPA. Also suggested to do. Traders demand that the reimbursement rate should be in line with the rates and taxes applicable on the day of export, especially import duty and GST.
In the present era, India is facing tough competition for trade from countries like China, Vietnam and Sri Lanka. If the government reduces the entry duty, it will help the businessmen to expand their scope.
