To encourage exports and manufacture in the gem and jewellery sector, the commerce ministry has reportedly requested a cut in the import duty on gold in the upcoming budget. This article provides you with detailed information about Budget 2023.
Budget 2023: The Commerce Ministry Requests a Reduction in Gold Import Duties to Promote Exports India is the world's biggest importer of gold, which is primarily used by the jewellery sector.
The centre increased the import tax on gold from 10.75 percent to 15 percent in July of this year in an effort to reduce the current account deficit (CAD) and the rising price of the commodity. 12.5% is the standard customs charge on gold. The actual gold customs duty will be 15% and will include the agriculture infrastructure development cess (AIDC) of 2.5%.
Further the commerce ministry has encouraged the finance ministry to reduce the charge, as the gems and jewellery industry has advised the commerce ministry. According to the sources, the ministry has also requested that import duties on a few other products be adjusted in order to encourage manufacturing and exports. The export of diamonds and jewellery pushes for lower import taxes each year. Obtain Indian import export Data
Also, the commerce ministry has encouraged the finance ministry to reduce the charge, as the gems and jewellery industry has advised the commerce ministry. According to the sources, the ministry has also requested that the import duties on a few other products be adjusted in order to encourage manufacturing and exports. The export of diamonds and jewellery pushes for lower import taxes each year.
According to Colin Shah, a former chairman of the Gems and Jewellery Export Promotion Council (GJEPC), the industry is banking on the upcoming Budget to boost exports and create jobs in the industry. A reduction in the customs duty on gold and a progressive strategy for jewellery repairs will be very beneficial to the industry.
We also have high hopes for the elimination of duties on the seed used in lab-grown production and presumptive taxation on our special notified zones for rough diamonds, "Shah, who founded Kama Jewellery and serves as its MD (Managing Director), added.
The council claims that India has the potential to become the global centre for repairs and that this programme can boost exports by up to $300–400 million.
The exports of gems and jewellery increased by 2% to $26.45 billion in the period between April and November 2022. From April through November of this fiscal year, gold imports decreased by 18.13% to $27.21 billion according to import export data.
However, Imports of gold affect the current account deficit (CAD). India is the world's largest importer of gold, mostly meeting the needs of the jewellery sector. The nation yearly imports 800-900 tonnes of gold, measured in volume.
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