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Gems and Jewelry Export Promotion Council (GJEPC) on Tuesday urged the federal government to cut back import obligation on gold to 4 per cent from 7.5 per cent and a particular package deal for the sector within the upcoming Union Funds for the fiscal 12 months 2022-23 to spice up shipments.
Different suggestions embrace obligation lower and polished diamonds, treasured and semi-precious gem stones, and so forth.
”If (gold) imported at 4 per cent obligation fee….working capital amounting to Rs 225 crore can be blocked as an alternative of Rs 500 crore,” the council mentioned in a press release.
The opposite solutions of the council embrace an modification in taxation provisions to permit the sale of tough diamonds in Particular Notified Zone in Mumbai; clarification on on-line equalisation levy for enterprise to enterprise worldwide diamond auctions; and extension of the sundown clause for SEZ items, as it might permit the SEZ items to remain aggressive within the worldwide markets.
Commenting on the suggestions for the Union Funds for the fiscal FY 2022-23, Colin Shah, Chairman, Gem and Jewelry Export Promotion Council (GJEPC), mentioned India is the fifth largest exporter of gems and jewelry, contributing 5.8 per cent of the worldwide gems and jewelry exports demand of $629.06 billion.
”We’ll obtain the goal of $41 billion for this sector (for the present fiscal). We now goal to realize $100 billion exports when India will observe the centenary of its independence. To kickstart the identical, we enchantment to the federal government to announce a particular package deal for the sector within the forthcoming Union Funds,” Shah mentioned. He added that the one approach to additional scale up this sector is thru coverage reforms, which can make us extra aggressive within the world market.
”We’ve requested to cut back import obligation on lower and polished diamonds; allow the sale of tough diamonds in Particular Notified Zone in Mumbai…This won’t solely assist the Indian diamond business to stay as the most important diamond producer of diamonds on the planet however would additionally assist us to grow to be the most important diamond buying and selling hub,” Shah added.
He additionally mentioned that the discount in import obligation on treasured metals – gold, silver and platinum – can be a step in direction of making India ”the primary” exporter of jewelry on the planet.
The Gem & Jewelry Export Promotion Council (GJEPC), arrange by the Ministry of Commerce, Authorities of India (GoI) in 1966, is certainly one of a number of Export Promotion Councils (EPCs) launched by the Indian Authorities, to spice up the nation’s export thrust, when India’s post-Independence financial system started making forays within the worldwide markets. Since 1998, the GJEPC has been granted autonomous standing.
With headquarters in Mumbai, GJEPC has Regional Places of work in New Delhi, Kolkata, Chennai, Surat and Jaipur, all of that are main centres for the business.
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