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Industry reactions: Budget 2015-2016 disappoints gem and jewellery industry
Budget 2015-2016 to boost growth; FM ignores gem and jewellery industry.
By: Diamond World News Service
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Feb 28 2015 5:25PM
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Reference: 11232  

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Saurabh Gadgil MD PN Gadgil Jewellers Pvt Limited
Saurabh Gadgil MD PN Gadgil Jewellers Pvt Limited
Saurabh Gadgil MD PN Gadgil Jewellers Pvt Limited

“The government will introduce gold monetization schemes to replace gold deposit schemes and gold metal loans. Depositors of gold will earn interest on their metal account. The government will introduce a sovereign gold bond, which will earn a fixed rate of interest.

There was no point in continuing the Wealth Tax as the cost of collection was high. This will help simplify the tax structure and also rationalize & remove exemptions to eliminate tax disputes and will promote widening of the tax base.

The government will mint gold coins with Ashoka Chakra to reduce demand for gold coins minted outside India. India is the largest importer of gold in the world. The country is estimated to have over 20,000 tonnes of gold.

No cut in Gold import duty will certainly dent the industry. PAN must for any sale exceeding Rs. 1 Lakh, our majority of population still stays in the rural areas. People not having pan cards will have difficulty in investing in Gold.

Service Tax increased from 12.36 per cent to 14 per cent - This will increase the restaurant and mobile bills among others for the common man.”

Ashutosh Sharma, MD Shreem Jewelers
Ashutosh Sharma, MD Shreem Jewelers
Ashutosh Sharma, MD Shreem Jewelers “This should benefit the industry as a whole, and consumer interest will grow towards this sector as now they'll be receiving interest on their investment made in the deposits. The jeweler will be happy with getting loan on their part and use the money in their working capital requirements.”
Anand Kulthia, Director, Kulthia Jewels
Anand Kulthia, Director, Kulthia Jewels
Anand Kulthia, Director, Kulthia Jewels “We all had a great expectation from this budget since it is the first budget of Sri Narendra Modi government.

Though Finance minister Mr Arun Jaitley balanced it in a very meaningful manner and i am sure it may help in industrial growth and overall development of our country. As far as our Jewelry industry is concerned all were expecting a drop of import duty but no far there is any such announcement. In away its good only as most of the people are comfortable with current rate.”

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