Budget 2020 expectations: Jewellers want FM Nirmala Sitharaman to give relief to them and common taxpayers on Feb 1
Budget 2020 is around the corner and every sector has its own expectations, It is not just the salaried class that is expecting major tax relief, but various other businesses that want some sops or the other to boost revenues and this includes jewellers. Here is what jewellers really want from FM Nirmala Sitharaman.
The jewellery sector plays a crucial role in the economy, with this they have expectations from Budget 2020. Let's know about the expectations of jewellery traders from Asia's biggest jewellery hub, Mumbai's Zaveri Bazar. Zee Business correspondent, Anurag Shah interacted with the jewellers to know about their expectations from Budget 2020.
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While speaking to a jeweller, he said that Jewellers are expecting a reduction in import duty currently which is 12.15%. They want to get it reduced by 4% to 6% at least. Traders are confident that their demand to slash in import duty will be implemented.
Speaking on the challenges faced by the industry, a jeweller said that since a few years, ministers have not focused on the jewellery industry. Instead of providing relief, they imposed burden on them. AS Gold price has increased so there should be changes in PMLA Act too. Under this, Over the purchase of 2 lakh rupees, there's a PAN card required so, the limit should be increased so, that greater number of customers can purchase gold.
On speaking on expected announcement, One of the jewellers said that its their demand to start gold exchange which will result in less import and will be easy to make jewellery available.
Along with this, they jewellers also wanted income tax cuts for the salaried. They said that there should be relief in personal tax as well so that the consumption power of the consumers increases.
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