Govt eases jewellery tax norms, industry wants full exemption
Aamir H Kaki The industry has welcomed the government decision to relax the norms for one percent excise duty on the sale of gold jewellery but wants to get it totally removed. “We appreciate the relaxation given by the government for easing the norms of the excise duty for jewellers having a turnover of up to Rs.150 million,” Lala Satish Chand Singhvi, President of Delhi Jewellers Association told The Dollar Business Bureau. “But we want the custom duty of one percent to be dropped completely,” he added. In an attempt to address concerns raised by the industry, the government had announced on Wednesday that it has eased the norms for the excise duty on the sale of gold jewellery that was announced earlier this year. As per ...
'New schemes will help curb gold imports'
Deepak Kumar | The Dollar Business As the government on Thursday announced that it will launch the gold monetisation and the Sovereign Gold Bond (SGB) schemes later this year, the industry body said this move will help India curb gold imports with a significant margin. With implementation of these schemes, the cabinet aims to raise Rs.15,000 crore by curbing demand for physical gold and extracting stationary gold from households, trusts and temples. The interest rate on gold bonds is expected to be 2-3%. “The idea is to cut down on increasing gold imports. Not much gold is produced within the country. The government wants to capitalise on the demand by reducing the imports. It will also help in narrowing ...
