SURAT: The Gems and Jewellery Export Promotion Council (GJEPC) has urged the Central government to come up with pragmatic policies in its forthcoming budget for the development of Indian gems and jewellery sector.
In its pre-budget proposals submitted to the ministry of commerce and the ministry of finance, the GJEPC has urged the government to effect structural changes in the direct tax code (DTC) system by excluding the powers of the authorised officer to seize any bullion including precious and semi-precious stones or jewellery.
Other demands include the introduction of presumptive tax system for the gems and jewellery industry in order to remain in competition with Belgium, Israel, Dubai and Thailand, restoration of Generalised System of Preference (GSP) withdrawn by the US, continuation of the fiscal stimulus package till the industry fully recovers from the global economic recession, creation of diamond, gem and jewellery dollar fund.
Chandrakant Sanghavi, regional chariman of GJEPC, said, "The Surat diamantaires in particular and the Indian gems and jewellery industry in general have high hopes from the budget. We have urged the Central government to take a pro-active approach for the diamond industry's development."
Source : TOI