Jewelers across the country are hopeful for reductions in excise and export duties on gold and silver amid rising prices and declining demand.
Demand for GST Reduction on Gold Jewellery
Jewelers are urging the Finance Minister to lower the GST on gold and silver from 3% to 2% to make these precious metals more affordable.
They also seek a reduction in excise duty on gold to alleviate market pressures and boost middle-class demand.
Concerns Over Export Duty and Market Conditions
Expectations are high for a decrease in export duties on imported gold and silver, which could stimulate market conditions and enhance affordability.
Budget Timeline and Industry Response
The budget, scheduled for presentation in late July, is anticipated to address these concerns amidst calls for tax reforms and economic relief measures.
Key Demands from Jewelers
- Custom Duty Reduction: Advocate for a reduction to 5%.
- Income Tax Rates: Request for rates between 5% to 20%, ensuring moderation.
- GST Recovery: Emphasize on timely recovery through strict actions.
- Interest Rates: Propose interest rates aligned with bank norms.
- Amnesty Scheme: Suggest an amnesty scheme for pending dues.
Jewelers’ Recommendations for Tax Reform
Jewelers propose a streamlined tax system to enhance business efficiency, suggesting a bank transaction tax approach to simplify compliance and spur economic growth.
