Budget 2021: Jewelry will be cheaper if import duty is reduced on gold

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Budget 2021: Jewelry will be cheaper if import duty is reduced on gold
Budget 2021: Jewelry will be cheaper if import duty is reduced on gold

Gold jewelery is also one of the most favorite things of women. Here, due to the rising prices of gold, gold jewelery is not even attached. If the customs duty on gold is reduced in the upcoming budget 2021-22, then women can get some relief. With the reduction of import duty, gold will be slightly cheaper and their favorite jewelry will also be available at a lower rate.




The gems and jewelery industry has slashed the customs duty on gold to four per cent in the upcoming Union Budget, the withdrawal of tax collected at source (TCS), the import duty on polished precious and semi-precious gems. Is demanded. If this happens, gold pollution will be cheap. “We urge the government to reduce the customs duty on gold to four per cent from the current 12.5 per cent,” Ashish Pethe, president of the All India Gems and Jewelery Household Gems and Jewelery Council (GJC), told PTI. If the tax rate is not kept at this level, it will promote smuggling and encourage people to carry on unorganized trade. ”

He further urged the government to keep the commodities under HCN-71 (Harmonized System Nomenclature) out of the purview of the Collection Tax (TCS) provisions. He says the blocked amount in TCS is 6.67 times more than the ability to pay income tax. Pethe also said that the Equity Monthly Installment (EMI) should be provided for loans to the gems and jewelery industry and the cash purchase limit should be raised from the current Rs 10,000 to Rs 1 lakh. More Read: Gold Price: Gold prices fall, silver prices are cheaper by Rs 1368 in bullion market, know the latest rate

He further urged the government to keep the commodities under HCN-71 (Harmonized System Nomenclature) out of the purview of the Collection Tax (TCS) provisions. He says the blocked amount in TCS is 6.67 times more than the ability to pay income tax. Pethe also said that the Equity Monthly Installment (EMI) should be provided for loans to the gems and jewelery industry and the cash purchase limit should be raised from the current Rs 10,000 to Rs 1 lakh.

 

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