Mumbai. The gems and Jewelery industry have demanded to reduce the import tariff duty on gold to four percent in the forthcoming budget from the government. Apart from this, the industry has also asked to resolve the issues related to the goods and services tax (GST).
All India James and Jewelery Trade Federation (GJF) chairman Nitin Khandelwal said in a memorandum to the government that bringing the import duty from 10 to 4 percent will not only increase the consumer demand but also improve business sentiment and industry Will be more organized and compliant.
There are many issues with the GST system
Khandelwal said that there are many issues related to the existing GST system, which is affecting the industry. The government should also pay attention to these issues. He said that under GST, the permission for the supply of inter-state services should be given by the artisans with less than 20 lakh rupees in the registered and financial year.
It will help in The Fight against black money
Khandelwal said that the reduction in import duty will also help in fighting against black money. He said that import duty on gold was imposed to keep the current account deficit (CAD) in check. In June, the country’s trade deficit shrunk to less than $ 12.96 billion.
