India's gems and jewellery industry is calling on the government to introduce reforms and reduce taxes in the upcoming Union Budget. Key industry bodies have submitted proposals seeking cuts in goods and services tax, rationalisation of import duties, and amendments to customs procedures to enhance export competitiveness and efficiency. The recommendations also include modernising customs clearance, supporting skill development, and operationalising a tourist tax refund scheme to attract more foreign buyers. Industry leaders argue that these changes are crucial for maintaining India's edge in the global jewellery market amid shifting consumer preferences and international trade challenges.
Original article source: https://timesofindia.indiatimes.com/business/india-business/budget-2026-jewellery-sector-seeks-duty-rationalisation-reforms-and-gst-cuts/articleshow/127444748.cms
Source Id: 2026-01-960276632



