Jewellers are expecting a reduction in import duty of gold and a cut in incometax for the common people in the upcoming Budget 2020 to spur demand. At present gold attracts an importduty of 12.5% and a GST of 3%.
budget 2020
Budget 2020: India Favors Subsidy Cuts to Expand Fiscal Room
Finance Minister Nirmala Sitharaman is scheduled to present the annual budget 2020 on Saturday. India’s Finance Ministry officials recommended the government cut some subsidies and reallocate spending to sectors where it can help spur demand in the economy, according to people familiar with the matter.
Budget 2020 : MCX, BSE and NSE to open for Trading on Budget Day Timings
Budget 2020: The MCX future markets will be kept open between 9 am and 5 pm to allow trading. And Stock markets normal hours from 9 am to 3.30 pm to be open on Budget day February 1, 2020, as per the circulars.
Budget 2020: Commerce Ministry Seeks a Reduction in Import Duty on Gold Market
The Union commerce ministry has sought a reduction in the import duty on gold in the coming Union Budget, with a view to pushing manufacturing and export of the gems and jewellery sector, a source said.