India’s GJC seeks pro-consumer initiatives through its Budget recommendations

With India’s Union Budget 2022-23 scheduled to be presented on Feb 1, 2022, the All India Gem and Jewellery Domestic Council (GJC), which represents lakhs of trade constituents comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services to the domestic gems & jewellery industry, has sought pro-consumer initiatives such as reduction in GST rate on jewellery to 1.25%; increase in PAN Card limit and cash limit & EMI facility for rural and semi-urban India among others, in its Budget recommendations. 
The business has been slack due to lockdowns and curbs on the retail sector; customers are not spending much on jewellery; and the MSME jewellers, craftsmen and artisans are not able to claim any respite or relaxation despite their growing woes and stress. GJC, therefore, has suggested to the Union Finance Minister to reduce the rate of GST to 1.25%; raise PAN card limit citing that many households in rural India do not hold PAN cards; issue suitable clarification on the minimum quantity of Gold which an individual can deposit under the Gold Monetisation Scheme (GMS), without being questioned by any departmental authorities; and also requested that the EMI facility for the purchase of 22K gold jewellery should be allowed to the Gems & Jewellery industry which in turn shall lead to substantial growth of the business of the industry post-pandemic.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished