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Finance Minister Nirmal Karyakarta Budget 2023 will be presented in Parliament on 1 February. The first part of the budget session 2023 is expected to be released by February 10.
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Much is expected from Budget 2023, and changes in import duty are expected in the gold jewelery industry.
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"Since this is the due budget next year before the general elections, we expect this budget to be growth-oriented and tax-efficient.
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In addition to the tax exemption, we expect a reduction in the import duty on gold in all attaks. In the current market where gold sale domestically is reaching an all time high.
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The price differential has grown to over 5 per cent between the organized and unorganized sectors, and needs to be brought down to higher dollar currency exchange rates.
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Vaibhav Saraf, Director, Aishpra Gems & Jewels, said, “Incorporation will be less in big cities on sectoral development, and more spending will improve jobs.
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Aditya Pethe, director of Vaman Hari Pethe (WHP) Jewellers, also expressed a similar view.
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So that the jewelers become part of an organized industry, efforts can be made to reduce the import duty in the upcoming Union Budget and make efforts.
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But he also wishes to see Union Finance Minister Nirmal and create a level-playing field.