Gems & Jewellery News

Budget 2021 wishlist: What these nine sectors want from FM Sitharaman

The Budget 2021-22 expectations of various sectors

Here is what agriculture sector wants:

1. A package to boost exports from farmer organisations and small enterprises as the share of India in the global export of food co-mmodities is less than 1%.

2. India spends less than 1% of agri GDP in R&D. The R&D structure needs a boost to develop high yielding varieties. There should be provisioning for an agri innovation fund which supports ag-tech solutions and digitalisation.

Capital market participants have a number of expectations:

1. Industry players are hopeful the government will exempt tax on LTCG arising on sale of listed equity shares. The government could also streamline the holding period for granting such exemption to 24 months, bringing the same at a par with unlisted shares.

2. Association of National Exchanges Members of India has requested the government to rationalise the GST rates for the broking industry.

Gems and Jewellery sector wants:

1. The gems and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), etc.

2.Gems and Jewellery Export Promotion Council (GJEPC)Chairman Colin Shah urged the government to reduce import duty on cut and polished precious and semi-precious gemstones to 2.5 per cent, from the current 7.5 per cent.

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