The All India Gem and Jewellery Domestic Council (GJC) has named Ashish Pethe as its new chairman as part of a shake-up of its leadership team.The council, which represents India’s domestic jewelry industry, elected nine new board members, who in turn picked Pethe as chairman, he told Rapaport.
URL copied
Budget 2021: Gems, jewellery industry seeks cut in import duty, GST
The gem and jewellery industry has a lot expectation from the Modi government in the upcoming Union Budget 2021-22. The industry wants the Centre to reduce customs duty on gold, withdraw of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones.
According to Ashish Pethe, the chairman of All India Gem and Jewellery Domestic Council (GJC), the government should assess the adverse impact of higher import duty on the jewellery trade and suggested to cut the customs duty to 4 per cent from the current 12.5 per cent.Â
Stalled: The Gold Rush + We serve personalized stories based on the selected cityOK
Hello,
Subscribe
Please enter valid email.
Thank you for subscribing!Your subscription is confirmed for latest news across Entertainment, Television and Lifestyle newsletters.
Help us delete comments that do not follow these guidelines
by marking them offensive. Let s work together to keep the conversation civil.
Be the first one to review.
We have sent you a verification email. To verify, just follow the link in the message
Stalled: The Gold Rush
facebook
Pintrest
High taxes on import of India’s favourite metal are styming higher sales, and forcing many sellers to adopt unsavoury tactics that are ultimately denting government revenue
New Delhi [India], January 22 (ANI/Mediawire): We Indians love gold. We like wearing it, we like keeping it, we like gifting it. If estimates are to be believed, Gold reserves held by households and religious temples in India is anywhere between 25,000-30,000 tonnes, much of it passed down through generations. So, it s only natural that India has been one of the gold capitals of the world, with almost a third of all of the world s gold passing through its borders. According to a report by IMPACT, India is importing approximately 1,000 tonnes of gold per year a quarter more than what official figures indicate. A spike in smuggling of gold is being attributed to the government s decision to increase the import duty of gold in July 2019 from 10 percent to 12.5 percent.
Physical gold in top consumer China was sold at a small premium for the first time since early 2020, as demand picked up ahead of the Chinese new year.