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Presumptive tax regime, which will ensure a simple and clear tax environment, should be introduced to encourage foreign investments in this sector. The service tax should be withdrawn for the export business.

There should be no excise on branded jewellery. This will help exports go up by 60 per cent. The 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 to nil, which will help India to become a trade hub in polished diamonds. Customs duty on coloured gemstones also should be cut. Income-tax should be replaced with turnover tax.

Mehul Choksi,

Chairman,

Gitanjali Group

More Stories on : Budget | Taxation | Gems & Jewellery

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