{"id":1529,"date":"2022-12-30T16:51:17","date_gmt":"2022-12-30T11:21:17","guid":{"rendered":"https:\/\/www.eqwires.com\/tutorials\/?p=1529"},"modified":"2022-12-30T16:51:18","modified_gmt":"2022-12-30T11:21:18","slug":"union-budget-2023-commerce-ministry-seeks-cut-in-gold-import-duty-to-push-jewelry-exports","status":"publish","type":"post","link":"https:\/\/www.eqwires.com\/tutorials\/union-budget-2023-commerce-ministry-seeks-cut-in-gold-import-duty-to-push-jewelry-exports\/","title":{"rendered":"Union Budget 2023: Commerce Ministry seeks cut in gold import duty to push jewelry exports"},"content":{"rendered":"\n<p>The commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewelry sector, sources said. In July this year, the center hiked gold import duty to 15 percent from 10.75 percent to check the current account deficit (CAD) and rising import of the yellow metal. The basic customs duty on gold is 12.5 percent. Along with the agriculture infrastructure development cess (AIDC) of 2.5 percent, the effective gold customs duty will be 15 percent.<\/p>\n\n\n\n<p>\u201cAs the gems and jewelry industry has recommended the commerce ministry for a cut in the duty, the commerce ministry has urged the finance ministry for the same. The ministry has also asked for tweaking import duty on certain other products to boost manufacturing and exports,\u201d the sources said. Every year, the gems and jewelry export industry seeks a reduction in import duty.<\/p>\n\n\n\n<p>Former chairman Gems and Jewellery Export Promotion Council (GJEPC) Colin Shah said that the industry is pinning its hope on the forthcoming Budget to push exports and generate jobs in the sector. \u201cCustoms duty cut on gold and a progressive repair policy for jewelry will help the sector immensely. We are also very hopeful that there will be presumptive taxation on our special notified zones for rough diamonds and abolition of duty on the seed used for lab-grown production,\u201d Shah, who is also the founder and MD of Kama Jewelry, said.<\/p>\n\n\n\n<p>According to the council, India has the potential to be the repair hub of the world and this policy can help increase exports by up to USD 300-400 million. The gems and jewelry exports rose by 2 percent to USD 26.45 billion in April-November 2022 this year. Gold imports dipped by 18.13 percent to USD 27.21 billion from April-November this fiscal year. Gold imports have a bearing on the current account deficit (CAD).<\/p>\n\n\n\n<p>India is the largest importer of gold, which mainly caters to the demand of the jewelry industry. In volume terms, the country imports 800-900 tonnes of gold annually.<\/p>\n\n\n\n<h3 class=\"has-dark-red-color has-text-color wp-block-heading\"><strong><a href=\"https:\/\/www.eqwires.com\/tutorials\/who-is-the-best-sebi-registered-investment-advisor-in-i\">Eqwires Research Analyst<\/a><\/strong><\/h3>\n\n\n\n<p class=\"has-dark-gray-color has-text-color\"><strong><a href=\"https:\/\/www.eqwires.com\/\">Top-notch SEBI registered research analyst<\/a><\/strong><\/p>\n\n\n\n<p class=\"has-dark-gray-color has-text-color\"><strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.eqwires.com\/\" target=\"_blank\">Best SEBI registered Intraday tips provider <\/a><\/strong><\/p>\n\n\n\n<p class=\"has-dark-gray-color has-text-color\"><a href=\"mailto:info@eqwires.com\">info@eqwires.com<\/a><\/p>\n\n\n\n<p class=\"has-dark-red-color has-text-color\"><strong><a href=\"https:\/\/t.me\/eqwires\">Telegram&nbsp;<\/a>|&nbsp;<a href=\"https:\/\/www.facebook.com\/eqwires\/\">Facebook&nbsp;<\/a>|&nbsp;<a href=\"https:\/\/twitter.com\/EqwiresRA\">Twitter<\/a><\/strong><\/p>\n\n\n\n<p class=\"has-medium-brown-color has-text-color\"><strong>Call: +91 9624421555 \/&nbsp;<em>+91 9624461555<\/em><\/strong><\/p>\n\n\n\n<p><strong><a href=\"http:\/\/www.eqwires.com\/\">www.eqwires.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The commerce ministry has sought a reduction in the import duty on gold in the forthcoming budget with a view to push exports and manufacturing of the gems and jewelry sector, sources said. In July this year, the center hiked gold import duty to 15 percent from 10.75 percent to check the current account deficit (CAD) and rising import of the yellow metal. The basic customs duty on gold is 12.5 percent. Along with the &hellip; <a href=\"https:\/\/www.eqwires.com\/tutorials\/union-budget-2023-commerce-ministry-seeks-cut-in-gold-import-duty-to-push-jewelry-exports\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Union Budget 2023: Commerce Ministry seeks cut in gold import duty to push jewelry exports&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[201,172,136,138,134,164,217,368,139,140,324,106,272,266,98,72,97,184,73,268,135,137,133,330,104,141,299,161,160,159,74,210,75,158,166,311,228,227,103,254,102,224,257,298,300,101,105,301,165,327,329,76,77,78,79,247,365,308,361,363,215,216,174,80,81,99,218,82,340,339,320,183,168,167,170,251,83,84,85,86,87,108,88,202,155,154,273,89,100,90,91,92,93,94,95,236,255,385,232,231,250,96,3,260,252,248,249,322,107,192,220,360,275,223,156,157,341,246,238,207,177,176,175],"tags":[4,5,267,6,200,7,12,116,19,149,147,173,145,14,118,11,150,153,265,120,9,271,190,191,13,188,18,318,8,185,316,10,17,269,148,151,146,15,331,319,16,122,144,162,23,41,25,24,27,21,194,50,312,229,226,124,33,253,126,225,119,20,258,28,297,49,127,315,121,230,295,125,115,22,113,29,328,333,317,332,334,314,52,123,131,348,366,357,309,310,359,362,354,349,351,364,213,26,182,111,130,31,62,34,30,42,219,57,112,186,169,56,171,64,132,206,59,53,264,128,43,336,242,237,51,110,32,187,35,55,44,270,288,196,47,37,195,45,39,36,40,203,38,143,152,129,142,46,48,63,67,60,61,65,234,71,235,54,256,117,386,233,68,193,241,335,205,261,263,209,262,337,244,66,204,70,109,259,221,291,274,222,163,69,58,342,239,208,114,178,181,179,180,290],"class_list":["post-1529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accurate-stock-tips-provider-in-india","category-best-advisory-service-provider-for-beginners","category-best-bank-nifty-future-calls","category-best-bank-nifty-options-tips-provider","category-best-bank-nifty-trading-tips-provider","category-best-equity-advisory-services-in-india","category-best-ethical-investment-advisor-in-india","category-best-financial-advisor-websites-in-india","category-best-index-future-services","category-best-index-options-services","category-best-intraday-advisor-in-india","category-best-intraday-call-provider","category-best-intraday-jackpot-calls","category-best-intraday-research-company","category-best-intraday-tips-for-tomorrow","category-best-intraday-tips-provider-in-india","category-best-intraday-tips-site","category-best-intraday-tips-website-in-india","category-best-investment-advisor-in-india","category-best-jackpot-tips-provider","category-best-nifty-future-calls","category-best-nifty-options-tips-provider","category-best-nifty-trading-tips-provider","category-best-option-trading-telegram-channel","category-best-options-tips-provider-in-india","category-best-options-trading-tips-provider-in-india","category-best-paid-stock-recommendation-sites-india","category-best-performing-pms-in-india","category-best-pms-in-india","category-best-portfolio-management-services-in-india","category-best-sebi-registered-advisory-company","category-best-sebi-registered-investment-advisor","category-best-sebi-registered-investment","category-best-sebi-registered-research-analyst","category-best-sebi-registered-stock-tips-provider","category-best-sebi-registered-telegram-channel","category-best-share-market-advisor-in-india","category-best-share-market-advisory-company-in-india","category-best-share-market-consultants-in-india","category-best-share-market-tips","category-best-share-market-tips-provider-in-india","category-best-share-tips-provider-in-india","category-best-stock-advisor","category-best-stock-advisor-websites-in-india","category-best-stock-advisory-service-in-india","category-best-stock-market-advisory-services-in-india","category-best-stock-market-tips-provider-service","category-best-stock-recommendation-service-in-india","category-best-stock-tips-provider-in-india","category-best-stock-tips-provider-in-telegram","category-best-telegram-channel-for-stock-market-tips-in-india","category-business","category-commodity-market","category-currency","category-equity-market","category-equity-research-analyst","category-eqwires-best-investment-advisor-in-india","category-eqwires-best-sebi-registered-investment-advisor-in-india","category-eqwires-best-stock-advisor-websites-in-india","category-eqwires-most-successful-stock-advisors-in-india","category-ethical-sebi-registered-investment-advisor","category-ethical-sebi-registered-research-analyst","category-fact-about-operator-based-calls","category-fii-based-calls","category-foreign-markets","category-free-intraday-stock-tips-for-tomorrow","category-genuine-intraday-tips-provider","category-genuine-stocks-tips-provider","category-googles-highest-ranking-sebi-registered-research-analyst","category-googles-highest-ranking-sebi-registered-stock-advisory-company","category-high-accuracy-intraday-tips","category-how-can-i-make-profit-in-intraday-trading","category-how-to-earn-profit-from-intraday-trading","category-how-to-invest-in-stock-market","category-how-to-make-profit-in-intraday-trading-in-share-market","category-intraday-tips","category-intraday-tr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