Budget 2024: Export tax relief, and import duty cut on gold among top demands from industry

economictimes.indiatimes.com:

Budget 2024, to be presented by Finance Minister Nirmala Sitharaman. Industry players are hopeful for tax reductions on exports to bolster demand for Indian-made gold and diamond jewellery.

Export Tax Relief

The gems and jewellery sector is seeking a reduction in taxes on exports to boost the competitiveness of Indian-made jewellery in the global market. The industry is hoping for a decrease in the tax rate from 15% to 10%, which would make Indian jewellery more attractive to international buyers.

Import Duty Cut on Gold

Jewellers are also expecting an import duty cut on gold from 15% to 10%. This move would make gold cheaper for buyers, increasing demand and boosting sales. The reduction in import duty would also help to reduce the premium on gold prices in India, making it more competitive with international prices.

Industry Expectations

«The reduction in taxes on exports and import duty cut on gold would be a significant boost to the gems and jewellery sector,» said a spokesperson for the All India Gem and Jewellery Domestic Council (GJF). «It would help to increase demand, boost exports, and make Indian jewellery more competitive in the global market.»

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