By Vivek K. Mobile: 09920183006 Email: email@example.com
“We welcome the budget and the government has tried to present a balanced budget especially benefiting the lower income group. We welcome the announcement that individual taxpayers having taxable annual income up to Rs. 5 lakhs will not be required to pay any income tax.
Moreover, the multiple benefits offered to farmers, MSMEs and middle classes will certainly increase their disposable income which in turn can stimulate the demand for gold, diamond and precious stone jewellery.
Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns – this will benefit jewellers.
Even though the gem & jewellery sector had several expectations from the Government’s Interim Budget but none of them were addressed. However, we are optimistic that the post-elections Budget considers our demands and give us relief from various challenges.
We are hoping for a comprehensive Gold Policy and reduction in import duty of gold. We are expecting the Government will make a formal announcement in making GST operations online to avoid hassles and obstacles.
We are also looking for an increase in PAN Card limit. In a nutshell, if I have to point the only positive thing for the jewellery then it’s the Income Tax related exemptions which will eventually help the workers, kaarigars and craftsmen in the gems & jewellery sector.”