GJF wants 5 per cent import tax;PAN card limit to Rs 5 lakh for Budget

Mumbai: The household pearls and gems industry, which experienced a great deal of turmoil in 2016, has asked the administration to expand the compulsory PAN card utmost to Rs 5 lakh or more and lessen the import obligation on gold to no less than 5 for each penny in the Union Budget 2017-18.

All India Gems and Jewelry Trade Federation (GJF), the zenith body for local diamonds and adornments industry, has recomended the Finance Minister to build the required PAN card breaking point to Rs 5 lakh or more.

“With the usage of the PAN card point of confinement of Rs 2 lakh, the industry has been confronting genuine difficulties. Sorted out part, which is developing by no less than 2 for every penny consistently since past decade is specifically hit because of this.

We ask for the legislature to convey the PAN card point of confinement to the prior level of Rs 5 lakh or more,” GJF Chairman Nitin Khandelwal told PTI here. He said they ought to likewise decrease the import obligation on gold from the present 10 for every penny to no less than 5 for each penny.

“The high import obligation on gold bullion at 10 for each penny has been unfavorably influencing the business. This has assembled a parallel economy, prompting to wide scale gold carrying. It is likewise influencing household retail and assembling industry antagonistically.

Cutting down obligation to no less than 5 for every penny will wipe out the dim market,” he included. Assist, GJF has likewise suggested Goods and Services Tax (GST) at 1.25 for each penny for the diamonds and adornments area, with the goal that it help the business get to be distinctly consistent and composed.

“Before long the whole country will go under the single tax assessment administration of GST. We prescribe GST at 1.25 for every penny for the diamonds and gems part, as this will help the business get to be distinctly agreeable and composed,” he said.

Khandelwal likewise said the gem dealers ought to be empowered offer the Ashoka Chakra Gold coins launced by the head administrator through their retail locations. “This will expand the scope and produce more offers of the coins,” he said.

GJF has suggested the requirement for the development of household chamber for the segment to deliver different issues relating to the business, including era of solid database and control of reasonable exchange hones and to help the administration in shaping industry well disposed arrangements for exchanging and assembling, he said. It has likewise prescribed to hold the dore import under tight perception to stay away from misbehaviors.

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