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Silver Jewellery Export
The government has reduced the drawback rates on exports of gold and silver jewellery by more than half to adjust for the significant cut in import duties on these precious metals in the Budget. A notification regarding this was issued by the Department of Revenue. On the export of gold jewellery, the drawback rate has been brought down to Rs 335.5 from Rs 704.1 per gram of net gold content in the article. The rate of silver jewellery and articles of silver have been cut to Rs 4,468 per kilogram of net gold content in an article. The Duty Drawback Scheme refunds import duties and internal taxes, which are paid while importing goods, which are, in turn, used for manufacturing products for exports. In the Budget, the import duty on gold and silver to 6 per cent from 15 per cent. Through this notification, "duty drawback on gold and silver jewellery was reduced as the duty on gold and silver lowered in the budget", Federation of Indian Export Organisations Director General Ajay Sahai
The new norms for permissible wastage amount for gold, silver and platinum content in jewellery exports will now be in abeyance till August 31, 2024, according to DGFT. The decision was taken on the request of Gems and Jewellery Export Promotion Council (GJEPC), DGFT said in a public notice. In May, the norms were put on hold till July this year. After GJEPC's request, the hold period was extended by one more month till August. This was done after the industry raised concerns over the government's revised norms related to the permissible amount of wastage and standard input output with regard to the export of gold and silver jewellery. The public notice dated May 27 is kept in "abeyance till August 31, 2024 for reassessment of permissible wastages and SIONs as per request of GJEPC," Directorate General of Foreign Trade (DGFT) said. For the interim period, wastage norms as existed prior to the issuance of the May 27 notice stand restored. On May 27, DGFT issued a public notice ..