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The Dollar Business Bureau Gems and Jewellery industry welcomed the government’s decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business. The industry said they are happy that the government understood the requirements of the industry and a special category has been created in the GST. “We welcome the government's decision of 3% GST for gold and 0.25% on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” Nitin Khandelwal, Chairman All India Gems and Jewellery Trade Federation (GJF) told PTI. He further said the rate is expected to be less than 3% as input tax credit ...

Sairaj Iyer G.V. Sreedhar, the outgoing chairman of the Gems & Jewellery Federation said 1.25%-1.3% is an ideal GST rate for gems and jewellery traders in the country. He averred that his federation would like the GST to be around 1.25%, although the industry demands differ ranging from 5%-18%. He pointed out, “We have been very clear from the beginning that VAT should be 1%, and excise tax should be 1%, put together it is 2%. But then 85-90% of our trade is out of excise and considering that revenue, the total value of GST should be 1.2-1.3%. We have given our representation to the government.” According to him, lower tax slabs will percolate into higher revenues, better compliance and organised in ...

On Sunday, the government issued a circular, following its meeting with jewellery associations, and said there will be no Inspector Raj and no excise official will harass them Deepak kumar |The Dollar Business Finance Minister Arun Jaitely, in his Union Budget 2016, had announced an imposition of 1% excise duty on non-silver jewellery articles   Even as the gems & jewellery industry agreed to end their 18-day long strike following the governments recent proposal, about 70% of the jewellery traders continue to remain closed, demanding the government to be quick and transparent in its decision to roll back the excise duty. Majority of the people want the duty to be completely taken off. Strike is continuing, and more than 70% of jewellery traders are ...

Deepak Kumar | The Dollar Business The industry has been requesting the government to cut gold import duty, in order to ensure adequate supply of the yellow metal and help meet exports demand.   With the US economy showing a sign of swift recovery, India’s industry analysts are optimistic that it will benefit the country’s gems & jewellery exports which have of late shown a continuous decline. “We are expecting some global recovery. Our major export destination is the USA and its economy is going through swift recovery. We are hopeful that our gems & jewellery exports will pick up in a month or two,” Bachhraj Bamalwa, Director of the All India Gems and Jewellery Trade Federation (GJF), told The Dollar Business. ...

Deepak Kumar | The Dollar Business A day after the government announced the launch of sovereign gold bonds from November 26, Jewellers on Saturday said that the move will help in channelising the domestic stock of the precious metal and reduce imports. With the average annual imports of around 900 tonnes, India is the second largest consumer of the yellow metal after China. “For the start, it is good. It will help customers earn interests on gold which was earlier lying with them in physical form. Gold collected by refiners or banks will be parted to jewellers to do business in order to cut down imports. In return, the government would earn interests from Jewellers,” Ketan Shroff, spokesperson of the India ...

Deepak Kumar | The Dollar Business As the government prepares to launch Sovereign Gold Scheme and Gold Monetisation Scheme in November, industry experts have asked for the involvement of jewellers to make the two schemes successful and check imports.  “If implemented properly by including jewellers, the scheme can reduce India’s import burden by 20% per year which is equivalent to $5 billion,” Bachhraj Bamalwa, director & ex-chairman at the All India Gems and Jewellery Trade Federation (GJF), told The Dollar Business. Bamalwa said the industry has sent a detailed representation to the government requesting jewellers’ participation in the government-bank collaboration. “Part of gold will be used to make coins and sold to consumers. Gold will come from one consumer to another. ...

The Dollar Business Bureau Several measures like increase in minimum export price of onions and import of onions and pulses have led to a decline in the price trend of these items and other commodities in the domestic market, the government has said. On Friday, the Cabinet Secretary held a meeting with secretaries of Consumer Affairs, Agriculture, Commerce and other departments to review the prices of essential commodities. All the departments have been directed to keep a "close watch” on the prices. “It was observed that the recent measures taken by the Centre like increase in minimum export price of onions, and extending stock limits and import of 2,000 tonnes of onions have reigned in the prices of onions, which are ...

Deepak Kumar | The Dollar Business The government has launched the Sovereign Gold Scheme and Gold Monetisation Scheme to curb massive gold imports. But industry leaders say that the impact would remain modest due to incomplete scheme structure. “With the announcement of these plans, the government had intended to bring down gold imports by 20-25%. But some of the points included in the schemes are incomplete, and the schemes may not be as successful as expected,” Bachhraj Bamalwa, director & ex-chairman at the All India Gems and Jewellery Trade Federation (GJF), told The Dollar Business. India is currently the world’s second largest consumer of gold, behind China. India and China account for 42% of total gold demand. In 2014-15, India’s total gold ...