GJEPC held an informative webinar on 5th February 2025, dissecting the Union Budget 2025-26 and its implications for the gems and jewellery sector. Over 120 industry professionals participated in the virtual session, which offered expert analysis from Mr. Nirav Jogani, Director, RSM Astute Consultech.
The webinar provided a comprehensive overview of the budget’s key provisions, focusing on areas crucial to the industry. Discussions ranged from a microeconomic analysis of the budget’s impact on economic growth and its specific effects on the gems and jewellery sector, to detailed explanations of indirect tax updates and their potential consequences.
Other critical topics covered included proposed amendments to Safe Harbour Rules, revisions to customs duties affecting the import and export of gems and jewellery products, and amendments to the Customs Act, particularly concerning changes in classification criteria for MSMEs.
The interactive session saw significant engagement from participants, who raised several pressing industry concerns. Key questions revolved around gold bar import queries, the impact of Tax Collected at Source (TCS) on sales, potential salary relief measures, implications for credit notes and Input Tax Credit (ITC), and the complexities of sawn diamond bank guarantees.