Akshaya Tritiya, a highly auspicious day to purchase gold, has started on a sombre note and jewellers are expecting only 10-15 per cent sales as the onset of the COVID-19 second wave, local restrictions and partial lockdowns have affected consumer sentiment. As most of the states are under lockdown to curb the infections there is almost no business activity. The day of Akshaya Tritiya has begun on a slow note and whatever booking or enquiries are happening it is only through tele or digital medium, All-India Gems & Jewellery Domestic Council (GJC) chairman Ashish Pethe told PTI. He said, jewellers are expecting only 10-15 per cent sales this Akshaya Tritiya in places where the lockdown is not imposed or there are partial shutdowns.
Akshaya Tritiya lacks lustre; jewellers expect 10-15% sales due to COVID-19 second wave
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For the second straight year, the gems and jewellery industry is set for almost a washout of business on Akshaya Tritiya as only about 10 per cent of pre-COVID sales of 2019 are expected on Friday amid the raging pandemic sapping footfalls and purchasing power of people. In a normal year, the industry does business of 25-30 tonnes on Akshaya Tritiya, but this year, it expects a maximum of 3-4 tonnes of sales as offline sales have been badly impacted. Some organised players like Kalyan Jewellers did online bookings of gold which will be physically delivered later. The second wave of the pandemic is turning out to be much worse than last year with huge loss of life across the country. This has created an overall negative consumer sentiment, All-India Gems & Jewellery Domestic Council (GJC) chairman Ashish Pethe told PTI.
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.
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 PTI, 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. He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds.
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