GJEPC recommends Fin Min duty drawback at airports for tourists buying jewellery from India
New Delhi, June 12 (KNN) Duty drawback refund at airports to foreign tourists who are buying jewellery from India against taxation of 13% (import duty of 10% plus 3% IGST), was one of the key recommendations made by Gems and Jewellery Export Promotion Council of India (GJEPC) during the pre-budget consultation meet with Finance Minister Nirmala Sitharaman.
The Finance Minister convened a meeting here with leaders of different industry segments as part of the pre-budget consultations.
The meeting was attended by Minister of State for Finance and Corporate Affairs, Anurag Thakur as well as all important functionaries of the government representing the Finance, Revenue, Commerce and other departments.
GJEPC Chairman, Pramod Agrawal made a presentation and put forward the few key proposals for the forthcoming Union Budget 2019-2020, which includes implementation of Baba Kalyani report for SEZs; inverted GST structure for job work on diamonds, ease of doing business at transaction level of imports and exports.
Other suggestions include, reduction in import duty on Cut and Polished Diamonds and Coloured Gemstones from 7.5% to 2.5%, reduction in import duty on Precious Metals – Gold and Silver – from 10% to 4% and introduction of a realistic presumptive turnover taxation regime for foreign mining companies at Special Notified Zone in Mumbai.