Stock Market Tips, Budget 2018: Gems & jewelry sector seeks cut in gold duty to 4%

This cut will address issues under the GST regime in the coming Budget


Looking to give a positive push to the gems and jewelry sector, an industry body has urged the government to reduce the import dutyjewelryto 4 per cent and also address issues under the GST regime in the coming Budget 2018.

"Lowering the duty to 4 per cent from 10 per cent will not only boost customer demand and uplift business sentiment for the trade, but also help industry become more organised and compliant," All India Gems and Jewellery Trade the Federation (GJF) chairman Nitin Khandelwal said in the representation to the government.

The reduction in import duty will also help in the fight against black money, he added.

The 10 per cent duty on gold was levied to curb current account deficit (CAD), however, the country's trade deficit narrowed more than expected to $12.96 billion in June, he said.

Further, Khandelwal said, there are some issues under the current GST regime, which is hampering the industry that the government needs to look into.

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