Bullion industry demand, GST on gold and reduction in import duty, CTT should also be considered

On February 1, minister of finance Nirmala Sitharaman goes to present the union budget of the country. thanks to the Corona epidemic, there are many sectors within the industry that suffered a big loss of corona. The bullion industry also suffered tons of losses within the battered sectors. Now, this sector hopes that the minister of finance will make some announcements within the budget which will give some relief to the world. The bullion industry has demanded from the minister of finance that duty and GST on gold should be cut. Also, there’ll be relief within the commodity transaction tax on gold derivatives.

Bullion and Jewelers Association, the apex organization of bullion and jewelry traders, has submitted an inventory of its suggestions for providing relief to the world to the minister of finance Nirmala Sitharaman. The industry is hoping that the government will hear the suggestions of the bullion industry.

These are important suggestions

• Reduce the GST of three percent on gold, additionally to think about exempting the work workers working during this sector from the registration of GST.
• Consideration should be made to scale back the duty on bullion and mine door
• Commodity Transaction Duty on gold derivatives, ie, CTT and related instruments should be faraway from the supply of capital gains
• For repair and servicing of jewelry GST of 18 percent to be 3 percent

TCS provisions should even be considered

Apart from this, the commodities under the Harmonized System Nomenclature are requested to be kept out of the purview of the Stored Tax (TCS) provisions. He says that the blocked amount in TCS is 6.67 times the power to pay tax. Equity Monthly Installment (EMI) should be provided on the loan for the gems and jewellery industry and therefore the cash purchase limit should be increased from the present Rs 10,000 to Rs 1 lakh.