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Gold January 17, 2020 04:30:13 PM

GJC Seeks Immediate Reduction in Gold Import Duty

Paul Ploumis
ScrapMonster Author
Currently, the country charges 12.5% customs duty on imported gold.

GJC Seeks Immediate Reduction in Gold Import Duty

SEATTLE (Scrap Monster):  The All India Jem and Jewellery Domestic Council (GJC) in India has demanded immediate cut in gold import duty. Currently, the country charges 12.5% customs duty on imported gold.

According to GJC press release, domestic jewellery manufacturing sector employs over 1 crore skilled people, who have now been jobless due to slowdown in manufacturing activities on account of difficulties in importing gold by paying high duty, as many of these are small businesses which run on thin profit margins. The country’s trade deficit has narrowed to 2.5% of GDP, making a case for import duty cut. The Commerce Ministry too has been recommending duty cut, it said.

Further, GJC called upon the government to ensure implementation of all schemes for MSMEs applicable to the domestic gem & jewellery sector. It also demanded extension of the benefit of reduced income tax rate to Partnership and Proprietorship firms, as a majority of industry players belong to these categories.

ALSO READ: India Gold bar Imports Dipped 6%

The Council assured full support to the government in unlocking the huge stashes of gold with Indian households through a revised Gold Monetization Scheme (GMS), a roadmap of which has already been submitted by it.

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