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The government is considering a package of tax incentives for the labour-intensive gems and jewellery sectors in the forthcoming Budget to provide a boost to manufacturing as well as exports, reported PTI. For gems and jewellery, which is also the thrust sector under the 'Make in India' programme, the industry has asked to raise customs duty to 15 per cent from the current 10 per cent and abolish the excise duty from the current rate of 6 er cent on
imitation jewellery.
The suggestions assumes significance as the popularity of Indian imitation jewellery across the globe is increasing and there is a huge demand in countries including the US and Europe.
"Extending the tax benefits to the sector will enable competitive manufacturing in the country and also boost exports," Finance Minister Arun Jaitley will unveil the Budget on February 29.
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