Cut gold import duty to 2%: GJF to govt
15/01/2015 12:56
Gems and jewellery traders have urged the government to slash down the import duty on gold to 2 per cent from current 10 per cent, in order to check smuggling of the precious metal, said the media report.
"We have suggested that the customs duty should now be reduced to 2 per cent from the current 10 per cent to help check the smuggling of the precious metal, which is impacting the government coffers, now that the current account deficit (CAD) is under control," All India Gems and Jewellery Trade Federation (GJF) said in its budget wish-list.
"We propose that the difference between import duty of raw material (gold and silver) and finished jewellery (gold and silver) to be maintained at minimum 10 per cent (for gold) and 15 per cent (for silver)," GJF Chairman Haresh Soni said.
According to GJF, high import duty on gold has neither helped the government nor the trade and instead smuggling has increased.
GJF also reiterated its demand for the government to formulate a comprehensive gold policy for India and make the country a global jewellery hub, said the media report.
It has also asked the government to exclude jewellery from all bilateral or multi-lateral free trade agreements (FTAs).
15/01/2015 12:56
Gems and jewellery traders have urged the government to slash down the import duty on gold to 2 per cent from current 10 per cent, in order to check smuggling of the precious metal, said the media report.
"We have suggested that the customs duty should now be reduced to 2 per cent from the current 10 per cent to help check the smuggling of the precious metal, which is impacting the government coffers, now that the current account deficit (CAD) is under control," All India Gems and Jewellery Trade Federation (GJF) said in its budget wish-list.
"We propose that the difference between import duty of raw material (gold and silver) and finished jewellery (gold and silver) to be maintained at minimum 10 per cent (for gold) and 15 per cent (for silver)," GJF Chairman Haresh Soni said.
According to GJF, high import duty on gold has neither helped the government nor the trade and instead smuggling has increased.
GJF also reiterated its demand for the government to formulate a comprehensive gold policy for India and make the country a global jewellery hub, said the media report.
It has also asked the government to exclude jewellery from all bilateral or multi-lateral free trade agreements (FTAs).
