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The Gem and Jewellery industry and allied businesses have been facing the brunt of the pandemic for about two years and continue to suffer. The All India Gem and Jewellery Domestic Council has therefore urged the Union Finance Minister to reduce the GST rate to 1.25 per cent. GJC has also asked FM to raise PAN card limit from ₹2 lakh to ₹ 5 lakh citing that many households in rural India do not hold PAN cards and face difficulty in meeting the requirement especially during the pandemic, the domestic apex body said in its pre-Budget recommendations.
The GJC has urged the government to issue suitable clarification on the maximum quantity of gold that an individual can deposit under the Gold Monetisation Scheme without being questioned by any departmental authorities. GJC has requested that for the EMI facility for purchase of 22K gold jewellery be allowed to gems and jewellery industry to boost sales.
‘Stressed sector’
Ashish Pethe, Chairman, GJC said the industry suffered a lot during the pandemic and was also identified as one of the ‘stressed sectors’ in KV Kamath’s report. Hence, GJC has proposed changes in Section 40A of the Income Tax Act so that the existing daily cash limit of ₹ 10,000 per day be increased to ₹1 lakh per day. GJC has also urged the government to waive off the bank commission (1-1.5 per cent) on purchase of jewellery through credit cards to enhance digital transactions.
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