The Central Board of Indirect Taxes and Customs is initiating the formation of a panel to deal with the issues raised by the gems and jewelry business related to customs clearances. The business has highlighted issues such as the lack Jewelery News of valuers, challenges with the hand-carriage of gems and jewellery, and considerations about the Remission of Duties or Taxes on Export Products scheme. The drop in consumption of plain gold jewelry has impacted the manufacturers of plain gold jewelry from Tamil Nadu, Kolkata and Delhi. The resulting efficiency of various funding outcomes that might be generated through allocation…
