Whether or no gems & jewellery can retain its sheen after Budget 2007-2008 is the point pondered over by everyone related to this shiny sector.
In an exclusive talk to Fibre2fashion, Mehul Choksi, Chairman, Gitanjali Group, shares his pre-budget expectations.
Presumptive tax regime, which will ensure simple and clear tax environment, should be introduced to encourage foreign investments in this sector.
The Service tax should be withdrawn from the Export Business.
There should be no excise on branded jewellery. This would help the export go up by 60 percent (approx).
Government should create a brand equity fund and gold should be valued in terms of import.
Customs duty on cut and polished diamonds should be brought down from current 5 to 0 percent, which will help India to become a trade hub in polished diamonds.
Customs duty on coloured gemstones also should be cut down from present 5 to 0 percent.
Income Tax should be replaced with Turnover Tax.
Fibre2fashion News Desk - India
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