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IBJA’s pre-budget recommendations

1.Reduction in import duty from 15% to 10%

 

2. Special benefit of 0.5% duty for importing through India International Bullion exchange (IIBX)

 

3. Establishing "GST Bonded warehouse" where duty is paid but GST is not paid. This will be on the lines of Custom Bonded Warehouse.

 

4. Creation of Electronic Gold receipt (EGR) through "GST Bonded warehouse". This will enable trading on EGR on exchanges.

 

5. Allowing all import of gold only through IIBX.

 

6. Allowing import of "consignment gold" through block deal on IIBX.

 

7. Allowing bullion export through IIBX.

 

8. Setting up jewellery export centre at GIFT City for domestic traders.

 

9. Mandatory hallmarking across India for jewellery.

 

10. Stop import duty benefits from least developed countries (LDC) and Free trade Area (FTA) countries as this distorts the  market.

 

11. Gradually moving to 100% bullion trade through commodity exchange only.

 

12. Permitting EMI on jewellery purchase

 

13. Allowing Income tax exemption on Interest from Sovereign Gold Bonds (SGB)

 

14. Removing capital gain tax on gold and jewellery sales to boost gold monetisation and reducing import.

 

15. Allowing lending and borrowing of bullion through commodity exchange.

 

16. Bringing silver duty at par with gold under CEPA. Currently import duty on gold under UAE CEPA agreement is 14% but duty on Silver is 9%.

17. Single regulator for Gold and Silver Industry



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