The Bullion and Jewelers Association, the apex organization of bullion and jewelery traders, has submitted a list of its suggestions for providing relief to the sector to Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman).
On February 1, Finance Minister Nirmala Sitharaman is going to present the union budget of the country. Due to the Corona epidemic, there are many sectors in the industry that suffered a significant loss of corona. The bullion industry also suffered a lot of losses in the battered sectors. Now this sector hopes that the Finance Minister will make some announcements in the budget that will give some relief to the sector. The bullion industry has demanded from the Finance Minister that GST and import duty on gold should be cut. Also, there will be relief in the commodity transaction tax on gold derivatives.
Bullion and Jewelers Association, the apex organization of bullion and jewelery traders, has submitted a list of its suggestions for providing relief to the sector to Finance Minister Nirmala Sitharaman. The industry is hoping that the government will listen to the suggestions of the bullion industry.
These are important suggestions
– Reduce the GST of 3 per cent on gold, in addition to consider exempting the job workers working in this sector from the registration of GST.
– Consideration should be made to reduce the import duty on bullion and mine door
– Commodity Transaction Duty on gold derivatives, ie, CTT and related instruments should be removed from the provision of capital gains
– for repair and servicing of jewelery GST of 18 per cent to be 3 per cent
TCS provisions should also be considered
Apart from this, the commodities under the Harmonized System Nomenclature have been requested to be kept out of the purview of the Stored Tax (TCS) provisions. He says that the blocked amount in TCS is 6.67 times more than the ability to pay income tax. Equity Monthly Installment (EMI) should be provided on the loan for the gems and jewelery industry and the cash purchase limit should be increased from the current Rs 10,000 to Rs 1 lakh.