Budget 2021: Here’s what GJEPC expects
Colin Shah, chairman of the Gem and Jewellery Export Promotion Council shared his expectations from the Union Budget 2021 with CNBC-TV18 on what they want for their sector.
Colin Shah, chairman of the Gem and Jewellery Export Promotion Council shared his expectations from the Union Budget 2021 with CNBC-TV18 on what they want for their sector.
On import duty, Shah said, “We have not had any announcement from the budget for the last few years whether it is duty or taxation in general. We are essentially hoping that this time we are not ignored and government seriously looks into our requirement and how we can take India’s gem and jewellery export to the next level and make us globally competitive.”
Higher duties are hurting the sector to compete internationally, he said.
“Today at 12.5 plus 3 percent GST on gold, silver and platinum, and 7.5 percent duty on polish diamonds and gemstones is basically making us non-competitive with China, Thailand and practically every neighbouring country there is. We are hoping that tariffs are brought down from 12.5 percent to 4 percent and from 7.50 percent to 2 percent on gemstones and that will make sure that at least we stay in the game.”
Shah added, “We have asked for comprehensive e-commerce policy which will help every small jeweller all over India to export any part of the world in a cost-effective and a speedy way.”
On gold monetisation scheme, he said, “A small change but would benefit jewellers across the country is that in the gold monetisation scheme as it is today there is the Reserve Bank of India and the banks and the consumer. What we have asked for and considering it is the jewellers which have the relationship with the consumer since centuries, we have asked that the jewellers should be made the nodal point for collecting this gold and then depositing with the bank. This will help the government also collect the tonne in a manifold way compared to what it is today.”
Watch the video for more
(Edited by : Ajay Vaishnav)
First Published: Jan 27, 2021 3:09 PM IST
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