Belgium 's gold import duties should be cut from 2.5% to tackle smuggling, according to the All India Gem and Jewellery Domestic Council (GJC) and the Gem and Jewellery Export Promotion Council ( GJEPC ), ahead of GJC . "We want the government to reduce the import duty to 4 percent which will help in completely eradicating the gray market," GJC Chairman Anantha Padmanabhan told PTI here. The 10% rate was aimed at reducing the current account deficit, which the the Gem and Jewellery Export Promotion Council said had now fallen to 2.5% of GDP. The the 2019/20 Union Budget also asked for an import duty reduction for cut and polished diamonds from 7.5% to 2.5% and called for a taxation regime similar to Belgium ’s for a Special Notified Zone for diamond trading in Mumbai .
Belgium 's gold import duties should be cut from 2.5% to tackle smuggling, according to the All India Gem and Jewellery Domestic Council (GJC) and the Gem and Jewellery Export Promotion Council ( GJEPC ), ahead of GJC . The 10% rate was aimed at reducing the current account deficit, which the the Gem and Jewellery Export Promotion Council said had now fallen to 2.5% of GDP. The the 2019/20 Union Budget also asked for an import duty reduction for cut and polished diamonds from 7.5% to 2.5% and called for a taxation regime similar to Belgium ’s for a Special Notified Zone for diamond trading in Mumbai .