The Hon’ble Finance Minister Smt Nirmala Sitharaman today convened a meeting in Delhi with leaders of different industry segments as part of the pre-budget consultations. The meeting was attended by Hon’ble Minister of State for Finance and Corporate Affairs, Shri Anurag Thakur as well as all important functionaries of the government representing the Finance, Revenue, Commerce and other departments.

GJEPC Chairman Shri Pramod Agrawal made a presentation on behalf of the gem and jewellery industry and put forward the following key proposals for the forthcoming Union Budget 2019-2020:

• Reduction in import duty on Cut and Polished Diamonds and Coloured Gemstones from 7.5% to 2.5%
• Reduction in import duty on Precious Metals – Gold and Silver – from 10% to 4%
• Introduction of a realistic presumptive turnover taxation regime for foreign mining companies at Special Notified Zone in Mumbai
• Duty drawback refund at airports to foreign tourists who are buying jewellery from India against taxation of 13% (import duty of 10% plus3% IGST)
• Implementation of Baba Kalyani report for SEZs
• Inverted GST structure for job work on diamonds
• Ease of doing business at transaction level of imports and exports

Pic caption: Hon’ble Finance Minister Smt Nirmala Sitharaman chairing pre-budget consultation with leaders of different industry segments along with Hon’ble Minister of State for Finance and Corporate Affairs, Shri Anurag Thakur