Key announcements such as Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime and increase in outlay of PM Awaas Yojana is a big relief for the middle-income group.
According to Mr Vijay Soni, Director, MahabirDanwar Jewellers, “The Gems & Jewellery Industry’s critical concerns are not addressed in the Union Budget 2023-24.
While the Research and Development grant will be provided for the development of Lab Grown Diamonds, seeds and machines, the other sectors of the industry have been ignored. “
He further adds, “The reduction in Gold Custom Duty in this Budget was our big expectation, which has severely hampered the industry and encouraged smuggling and grey market. However, the exemption of Capital gains on the conversion of physical gold to digital form is a very good step. It would a good progressive step towards gold monetization. Our association has been actively representing the reduction in customs duty of Gold over past many years. However, the Silver Dore Bars Custom Duty has been brought at par with Gold and platinum in this budget. This move will adversely affect the masses.
Our associations will continue to represent this important issue of the Industry. once again stress upon the important concerns such as reduction in custom duty, EMI on Jewellery, Relief in Capital Gain tax and Gold Monetisation Scheme etc.”
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