{"id":33949,"date":"2025-11-07T16:27:06","date_gmt":"2025-11-07T10:57:06","guid":{"rendered":"https:\/\/gjepc.org\/solitaire\/?p=33949"},"modified":"2025-11-07T16:27:06","modified_gmt":"2025-11-07T10:57:06","slug":"gjepc-submits-pre-budget-proposals-to-the-government","status":"publish","type":"post","link":"https:\/\/gjepc.org\/solitaire\/gjepc-submits-pre-budget-proposals-to-the-government\/","title":{"rendered":"GJEPC Submits Pre-Budget Proposals to the Government"},"content":{"rendered":"<p>GJEPC submitted a set of pre-budget proposals to the Government of India in New Delhi on 7<sup>th<\/sup> November, aimed at improving ease of doing business and boosting exports. The Council proposals were put forth by Mr. Kirit Bhansali, Chairman, GJEPC; Mr. Anoop Mehta, Convener \u2013 Diamond Panel; Mr. K. Srinivasan, Convener \u2013 Gold Panel, GJEPC; and Mr. Sabyasachi Ray, Executive Director, GJEPC.<\/p>\n<p>Key proposals include a <strong>liberalised taxation framework for rough diamond trading in Special Notified Zones<\/strong>, on the lines of other international diamond trading hubs like Israel, Dubai, Belgium, etc., and an <strong>extension of the customs duty exemption on lab-grown diamond seeds<\/strong> beyond March 2026 to support India\u2019s fast-growing LGD industry.<\/p>\n<p>GJEPC also sought <strong>retrospective applicability of the \u00b10.01 mm height variance parameter (2014-2025) <\/strong>for re-imported diamonds sent for certification\/grading, <strong>ad-valorem duty drawbacks<\/strong> for gold and silver to reflect rising prices, and <strong>inclusion of platinum jewellery and gold articles<\/strong> in the drawback scheme.<\/p>\n<p>To attract foreign tourists, the Council recommended a <strong>comprehensive tax refund mechanism<\/strong> covering GST, Basic Customs Duty, and Agriculture Infrastructure and Development Cess (AIDC), supported by digital integration and refund counters at airports.<\/p>\n<p>Further, the Council proposed <strong>flexibility for SEZs<\/strong> to allow reverse job work, domestic sales on duty payment, and \u2018Bill to, Ship to\u2019 procurement to streamline logistics.<\/p>\n<p>Other suggestions included <strong>reducing import duty<\/strong> on cut and polished diamonds and coloured gemstones from 5% to 2.5%, abolishing duty on rough gemstones, and <strong>raising personal carriage limits<\/strong> for overseas exhibitions and business tours.<\/p>\n<p>Highlighting industry challenges, GJEPC urged relief from <strong>transfer pricing penalties under Section 271G<\/strong>, citing razor-thin profit margins and judicial precedents supporting the industry\u2019s compliance approach.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GJEPC submitted a set of pre-budget proposals to the Government of India in New Delhi on 7th November, aimed at improving ease of doing business and boosting exports. The Council proposals were put forth by Mr. Kirit Bhansali, Chairman, GJEPC; Mr. Anoop Mehta, Convener \u2013 Diamond Panel; Mr. K. Srinivasan, Convener \u2013 Gold Panel, GJEPC;&hellip;<\/p>\n","protected":false},"author":1,"featured_media":33950,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[83],"tags":[],"thb-sponsors":[],"class_list":["post-33949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bulletin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GJEPC Submits Pre-Budget Proposals to the Government - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gjepc.org\/solitaire\/gjepc-submits-pre-budget-proposals-to-the-government\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GJEPC Submits Pre-Budget Proposals to the Government - Solitaire magazine is a International jewellery magazine - India\u2019s leading B2B gem and jewellery magazine\" \/>\n<meta property=\"og:description\" content=\"GJEPC submitted a set of pre-budget proposals to the Government of India in New Delhi on 7th November, aimed at improving ease of doing business and boosting exports. The Council proposals were put forth by Mr. Kirit Bhansali, Chairman, GJEPC; Mr. Anoop Mehta, Convener \u2013 Diamond Panel; Mr. K. 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