Only a few hours are still left for the presentation of the budget. The country's Finance Minister Nirmala Sitharaman is going to present her 6th and first interim budget on February 1. However, there will be no policy decision of any kind in this budget. Some announcements that provide relief to the common people can also be announced. But there are reports that in the budget, along with reducing the tax on gold import, the government can also provide permission to buy gold up to Rs 5 lakh without PAN card. People in the industry have also been demanding to reduce it for a long time. So let us also tell you who is continuously raising this demand? Also, what decision can the government take on this?

Basic Custom Duty should be reduced : The Gems and Jewelery Industry has requested to withdraw the increase in Basic Custom Duty (BCD) on gold import in the interim budget and has also appealed to implement a rational tax structure. Sanyam Mehra, chairman of industry body All India Gem and Jewelery Domestic Council, has said that the jewelery industry contributes about 7 percent to India's GDP, hence it deserves a business-friendly environment. Mehra has said that the government is also going to benefit from this. We urge the Finance Ministry to withdraw the increased BCD on gold in the upcoming Union Budget. Apart from this, a rational tax structure should also be developed.

Gold worth Rs 5 lakh without PAN card: Not only this, he has said that currently 12.5 percent BCD is levied on the nominal value, due to which the total tax on imported gold becomes 18.45 percent. He requested the government to increase the PAN card transaction limit from the current Rs 2 lakh to Rs 5 lakh due to the increase in the price of gold. Continuing his point, Mehra said that with the increase in the price of gold, there is a need to increase the PAN card transaction limit from Rs 2 lakh to Rs 5 lakh. Along with this, there is a need to increase the daily purchase limit to Rs 1 lakh. Apart from this, GJC has also recommended to restore EMI facility for the gems and jewelery industry.

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