The Gem and Jewellery Export Promotion Council (GJEPC) of India has proposed a series of measures under the Gems & Jewellery Package as part of recommendations for the upcoming Union Budget for the fiscal year 2022-23.
Some of the major aspects of budget representation are duty cuts primarily for gold, cut and polished diamonds, precious and semi-precious gemstones as below:
- Amendment in taxation provisions to allow the sale of rough diamonds in Special Notified Zone in Mumbai
- Clarification on Online Equalisation Levy for B2B International Diamond Auctions
- Extension of the sunset clause for SEZ units as it would allow the SEZ units to stay competitive in the International Markets
- Reduction in import duty on Cut and Polished Diamonds from 7.5% to 2.5%
- Reduction of import duty on cut and polished precious and semi-precious gemstones from 7.5% to 2.5%
- Removal of Basic Customs Duty of 0.50% on rough color gemstones
- Reduction in import duty on precious metals (gold, silver, platinum) from 7.5% to 4%
- Roll out of Tax Refund to Tourist (TRT) Scheme in India for Tourists leaving India with the Jewellery purchased while on a visit
- Introduction of Job Work Model in Diamonds, Precious and Semi-Precious stones
- Introduction of “Rates & Taxes Refund” Mechanism through EDI system similar to GST refund
- Import duty Charged on Sawn Diamonds imported under KPCS.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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