HKMB Hong Kong Means Business

Hong Kong Means Business Hong Kong Means Business
  • Login / Register

Languages

  • EN
  • 繁
  • 简
  • Events
  • My Feed
  • Contact HKTDC
  • Subscribe
  • Subscribe

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

Languages

  • EN
  • 繁
  • 简
  • HKTDC.com |
  • About HKTDC |
  • My HKTDC |
  • Login / Register |

HKTDC.com About HKTDC My HKTDC

Login Register

Hong Kong Means Business

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

https://hkmb.hktdc.com/en/NjEzNTY3OTI3

hktdc research
SAVE FOR LATER
SHARE / SEND

"Scan QR Code" in WeChat and tap "..." to share.

INDIA: Jewellery Sector Pushes for E-Commerce Tax Exemptions

11 December 2020



The country’s Gem & Jewellery Export Promotion Council (GJEPC) has called on the Finance Ministry to exempt the sector from the 2% digital Equalisation Levy (as introduced in the Finance Act 2020), as this affects the e-commerce procurement of rough diamonds. According to the trade body, the introduction of this additional levy has seen many international auction houses either adopt unfavourable terms for Indian bidders or ban them entirely. The move comes despite initial assurances that the online trading of rough diamonds would not fall within the remit of the new tax, a commitment that has yet to be clarified.

In a further move, the GJEPC is also pushing for import duty on precious metals to be reduced from 12.5% to 4%, Justifying this, it claims the higher duty on gold has led to the metal being imported cheaply from countries which India has a free trade deal with, including South Korea and Malaysia, resulting in price arbitrage activity in local markets.

Among the other proposals put forward by the Council are calls to reduce the import duty on cut and polished diamonds to from 7.5% to 2.5% in order to enhance India’s position as a polished diamond hub; increase the import duty on various synthetic cut and polished stones from 5% to 25%; revise the taxation provisions to allow the sale of rough diamonds in specially-designated zones in India in order to lessen the costs for importers; extend the common facility centre scheme for five years; and introduce a technology upgrade fund as a means of subsidising technological transformation in the sector.

BACK TO TOP ^
    Topics:
  • Jewellery,
  • Other Asian Countries,
  • India,
  • gem,
  • import duty
  • Jewellery
  • Jewellery
  • Other Asian Countries
  • India
  • Other Asian Countries
  • India
  • Other Asian Countries
  • India
  • Other Asian Countries
  • India
  • Other Asian Countries
  • India
  • Other Asian Countries
  • India
  • Other Asian Countries
  • India
Home

Article Topics

ARTICLE TOPICS

JEWELLERY24697
OTHER ASIAN COUNTRIES36167
INDIA36172
GEM85212
IMPORT DUTY72514

ARTICLE TOPICS

JEWELLERY24697
OTHER ASIAN COUNTRIES36167
INDIA36172
GEM85212
IMPORT DUTY72514

interest_article

YOU MAY BE INTERESTED IN

07 June 2022

INDIA: Customs Duty Cut on Iron, Steel and Plastics Inputs

22 April 2022

INDIA: Cotton Import Duty Removed until 30 September 2022

11 June 2021

INDIA: New US Punitive Tariffs of 25% Suspended for Six Months

08 June 2021

BANGLADESH: Import Taxes Cut on Covid Containment Products

Related Events

RELATED EVENTS

29 July - 1 August 2022

HKTDC Simply Shopping Fest

29 July - 2 August 2022

HKTDC Hong Kong International Jewellery Show 2022

29 July - 2 August 2022

HKTDC Hong Kong International Diamond, Gem & Pearl Show 2022

2 - 4 September 2022

Chic HK, Shenzhen
FIND AN EVENT

Social Share

FOLLOW US

GET WEEKLY UPDATES

newpaper-img

GET OUR WEEKLY EMAIL UPDATES

banner-img


I acknowledge that the above information may be used by the Hong Kong Trade Development Council (HKTDC) for incorporation in all or any of its database for direct marketing or business matching purpose (and may therefore become available to the public within and/or outside of Hong Kong for use by them), and for any other purposes as stated in the Privacy Policy Statement; I confirm that I have the consent and the authority of each individual named in this form to release their personal data for the purposes stated herein.


*For non-EU/EEA customers, please skip this box which is solely for EU/EEA customers as required by the relevant data protection law in the EU.

THANK YOU

Thank you for registering.

SHARE THIS STORY

EMAIL
LINKEDIN
WeChat
FACEBOOK
TWITTER
WHATSAPP

ID: HKTDCofficial

Don't have an account?

Create An Account

successfully added on your preferences.