Tax on Gold Findings Imports Reduced From 10 % to 4 % only
Mumbai: Jewellery Industry is one of the major sources of livelihood in India which currently have more than 12 lakhs of people depending on it. By keeping in mind about the current economical state of the country, Government has declared a net cut of 6% on import of the Gold Findings.
Gold findings are small components that are used to assemble the ornament which includes clamps, pins, screws, hooks, clasps and etc. These may be tiny components in case of larger ornaments but holds major portion in case of ear rings, nose pins and etc. The reduction of tax is also applicable for import of gold with purity not less than 99.5 %.
The Chairman of Gems and Jewellery Export Promotion Council (GJEPC) Mr. Rajiv Jain said that the decision would have positive effect on the export of diamonds and other gold ornaments.
Government has now made the tax as 4% which was 10 % previously. The tax was ascending from the past two financial years but now had a sudden decay. It was Rs. 500 per 10 grams in the financial year 2009-10 which was increased to Rs. 750 per 10 grams in the Budget of 2010-11. Later it was increased to 5 % in the Union budget of 2011-12. Recently it was further increased to 10 % in the first quarter of 2012-13 Union budgets.
