The federal government has elevated responsibility downside charges for gold and silver jewelry, a transfer that will make Indian exports from these sectors extra aggressive within the world market.
The downside charges have been raised to Rs 372.9 per gram for gold jewelry from Rs 272 per gram, based on a notification of the finance ministry.
Equally, for silver jewelry, it has been raised to Rs 4,332.2 per kilogram, from Rs 3,254.
“This notification shall come into impact from November 16, 2019,” the notification has stated.
An official of the Gems and Jewelry Export Promotion Council stated the exporters have been demanding a rise within the downside charges as the federal government within the final Price range had raised import responsibility on gold to 12.5 per cent from 10 per cent.
“The federal government’s resolution to boost the charges would assist in rising the competitiveness of gold and silver jewelry,” the official stated.
In the course of the April-October interval this fiscal, exports of gems and jewelry dipped by about 2 per cent to USD 18.25 billion.
Gold jewellery through the interval has elevated about Three per cent to USD 7.Three billion.
Silvery jewelry has additionally jumped to USD 737.7 million from USD 407.9 million throughout April-October 2018-19.
Beneath responsibility downside, exporters get a refund of all responsibility and taxes which have been paid for the inputs towards the exported merchandise.
