Mon, Feb 11, 2013 at 21:07
In order to accelerate the trading activity of cut and polished diamond which slowed down in 2012 as a result of duty imposition of 2.0%, duty free import quota for cut and polished diamond is expected.
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Budget 2013-14: D&B expects duty free import quota for polished diamond
In order to accelerate the trading activity of cut and polished diamond which slowed down in 2012 as a result of duty imposition of 2.0%, duty free import quota for cut and polished diamond is expected.
Like this story, share it with millions of investors on M3
Budget 2013-14: D&B expects duty free import quota for polished diamond
In order to accelerate the trading activity of cut and polished diamond which slowed down in 2012 as a result of duty imposition of 2.0%, duty free import quota for cut and polished diamond is expected.
- In order to accelerate the trading activity of cut and polished diamond which slowed down in 2012 as a result of duty imposition of 2.0%, duty free import quota for cut and polished diamond is expected.
- Presumptive tax regime prevailing in the industry is anticipated to be maintained but with downward revision in rate.
- The import duty on gold is unlikely to be increased in this Budget. However, some specific measures can be considered in order to curb the growing imports of gold. Further in order to build up supply of physical gold in the market, measures in the areas of gold loan and gold ETF are likely to be adopted.
- Excise duty on branded jewelry is likely to be stable.
- Unbranded jewelry is likely to be kept outside excise duty structure given the steep rise in gold price in previous few years.
- In order to mitigate the impact of levy or hike in indirect taxes such as service tax, VAT, GST (proposed) etc., duty drawback is expected to be permitted in this Budget.
- Being one of the major sectors in traditional Indian exports, the gems and jewellery sector has persistently contributed to export earnings as well as employment generation. Hence, in order to make credit easily available to export houses having substantial imports, setting up of separate fund for refinancing is on the card.
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