Budget 2021: Gems and jewellery industry seeks reduction of import duty to 4%
PTIJan 14, 2021, 08:51 IST
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Mumbai, Jan 13 () The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in
import duty on polished precious and semi-precious gemstones, in the upcoming Union
Budget 2021-22. All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told , "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business."