MUMBAI: While all sectors have their own expectations and expect a ''business-friendly budget'' this time, the Indian jewellery makers are also looking forward to some relief from Finance Minister Nirmala Sitharaman.
The jewellery sector, which plays a crucial role in the economy, expects the Finance Minister to give some tax concessions from Union Budget 2020. Here's what the Indian jewellery makers want from Union Budget 2020.
A jeweller from Mumbai's Zaveri Bazar said that jewellers are expecting a reduction in import duty currently which is 12.15%. They want to get it reduced by 4% to 6% at least. Traders are confident that their demand to slash in import duty will be implemented.
Speaking on the challenges faced by the industry, another jeweller said that since a few years, ministers have not focused on the jewellery industry. Instead of providing relief, they imposed a burden on them.
The jewellers say as the gold price has increased, so there should be changes in the PMLA Act too. Under this, over the purchase of 2 lakh rupees, there's a PAN card required so, the limit should be increased so, that a greater number of customers can purchase gold.
One of the jewellers called for starting gold exchange which will result in less import and will be easy to make jewellery available.
Along with this, the jewellers also want income tax cuts for the salaried.
The jewellers also seek relief in personal tax as well so that the consumption power of the consumers' increases.
