Gem and jewellery industry calls for reduction in import duties on gold, cut and polished diamonds
The industry group stated that these trading houses serve as the hub for smaller miners’ sales of diamonds, which together account for nearly 35 per cent of the world’s mining output.
In order to fully utilise the advantages of the India-UAE CEPA, the Council also suggested implementing a “Rates and Taxes Refund” mechanism via the EDI (Electronic Data Interchange) system, like the GST refund. The rate of reimbursement ought to correspond with the applicable rates and taxes, specifically import duty and GST, on the day of export.
