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Jewellery biz seeks drop in gold duty
To give a positive push to the gem and jewellery sector, an industry body has urged the Centre to reduce the import duty on gold to 4 per cent and also address issues under GST regime in the Budget.
By
migrator
migrator
Mumbai
“Lowering the duty to 4 per cent from 10 per cent will not only boost customer demand and uplift business sentiment for the trade, but also help industry become more organised and compliant,” All India Gems and Jewellery Trade Federation (GJF) chairman Nitin Khandelwal said in the representation to the Centre.
The reduction in import duty will also help in the fight against black money, he added. The 10 per cent duty on gold was levied to curb current account deficit, however, the country’s trade deficit narrowed more than expected to $12.96 billion in June, he said.
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