The Coimbatore Jewelry Producers Affiliation has appealed to the Union authorities to refund taxes paid by producers on gold metallic loans taken earlier than the discount of Customs Obligation.
In a memorandum submitted to the Centre, the Affiliation highlighted that jewelry producers in Coimbatore buy roughly 100 tonnes of gold yearly. Those that obtained gold metallic loans from authorised nodal companies had been topic to a Customs Obligation of 15% and GST. Nonetheless, the federal government lately lowered the Customs Obligation to six% within the newest price range. Whereas the discount in Customs Obligation was a much-anticipated transfer, it resulted in a lack of ₹5.53 lakhs for each kilogram of gold for the producers. The Affiliation has referred to as on the federal government to refund the extra obligation paid.
The Affiliation additionally urged the federal government to refund 3% of the curiosity paid on loans to MSME jewelry producers on the finish of the 12 months. Moreover, it requested the institution of a assist desk in Coimbatore to advertise jewelry exports and referred to as for the renewal of gold metallic loans for a interval of 360 days.
