Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Budget Expectations: Abolish excise duty on jewellery, says Gitanjali Gems.


Date: 28-02-2012
Subject: Budget Expectations: Abolish excise duty on jewellery, says Gitanjali Gems
The Gems & Jewellery sector is not only a major employment generator but also make a major contribution to India's export earnings. As per the White Paper issued by FICCI Gems & Jewellery Group - the total size of the Gems & Jewellery Sector (both Domestic & Exports) was about Rs 4,15,000 crore.  The significant increase in growth of the export sector has been primarily because of a stong domestic consumption base and pragmatic government policies.

With increasing competition from China, the government should encourage the development and promotion of branded jewellery in the international market, for the long term sustainable growth of the Gems & Jewellery Sector. The levy of excise duty on jewellery should not only be immediately abolished but an "Indian Brands" promotion corpus should be made available to promote Indian Jewellery Brands in the International Market. Further, gold jewellery is also a form of savings and investments specially for the rural population and levying an excise duty on savings is not appropriate.

The government has recently increased the customs duty on polished diamond imports. However, with this introduction, the government should also allow duty free imports of cut & polished diamonds in private bonded warehouse so that the efforts to shift part of the diamond trading business form Belgium, Israel and Dubai is encouraged.

The government should provide a boost to the development of the modern, organised segment of the Indian jewellery industry by implementing the following measures:

    * Abolish Excise Duty on Jewellery
    * Create an "Indian Brand" development fund to promote exports  
    * Ensure that VAT is capped at 1% under the GST regime
    * Allow duty free imports of cut & polished diamonds in bonded warehouse for value add and re-export

Source : moneycontrol.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 06-06-2025
Notification No. 13/2025-Customs (ADD)
Seeks to impose Anti Dumping Duty on imports of ‘Insoluble Sulphur’ originating in or exported from China PR and Japan.

Date: 30-05-2025
Notification No. 31/2025-Customs
Seeks to i. extend the specified condition of exemption to imports of Yellow Peas (HS 0713 10 10) to bill of lading issued on or before 31.03.2026; ii. to reduce the basic custom duty on crude soya bean oil (HS Code 15071000), crude sunflower oil (HS Code 15121110), and crude palm oil (HS Code 15111000) from 20% to 10%

Date: 30-05-2025
Notification No. 38/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 26-05-2025
NOTIFICATION No. 37/2025-Customs (N.T.)
Notification of ICD Jalna, Maharashtra u/s. 7(1)(aa) of Customs Act, 1962" and it was issued under Section 7(1)(aa) of Customs Act, 1962

Date: 23-05-2025
Notification No. 30/2025-Customs
Seeks to amend notification No. 55/2022-Customs dated 31.10.2022 to remove the condition required for availing exemption on Bangalore Rose Onion.

Date: 23-05-2025
NOTIFICATION No. 36/2025 - Customs (N.T.)
Amendment in the Notification No. 63-1994-Customs (N.T) dated 21.11.1994 in respect of Land Customs Station, Raxaul

Date: 15-05-2025
Notification No. 34/2025-CUSTOMS (N.T.)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Date: 09-05-2025
Notification No. 29/2025-Customs
Seeks to exempt works of art and antiques from Basic Customs Duty

Date: 30-04-2025
Notification No. 02/2025-Customs (CVD)
Seeks to amend Notification No. 05/2024-Customs (CVD) dated the 11th September, 2024 so as to align with changes made vide Finance Act, 2025

Date: 30-04-2025
Notification No. 26/2025-Customs
Seeks to rescind Notification No. 04/2025-Customs dated the 1st February, 2025



Exim Guru Copyright © 1999-2025 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001