Budget 2017: Exceed PAN limit to Rs 5 lakh, jewellery industry to FM

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Budget 2017| The domestic gems and jewellery industry, which went through a lot of turmoil in 2016, has urged the government to increase the mandatory PAN card limit to Rs 5 lakh and above and reduce the import duty on gold to at least 5 per cent in the Union Budget 2017-18.

All India Gems and Jewellery Trade Federation (GJF), the apex body for domestic gems and jewellery industry, has recommended the Finance Minister to increase the mandatory PAN card limit to Rs 5 lakh and above.

“With the implementation of the PAN card limit of Rs 2 lakh, the industry has been facing serious challenges. Organised sector, which is growing by at least 2 per cent every year since past decade is directly hit due to this. We request the government to bring the PAN card limit to the earlier level of Rs 5 lakh and above,” GJF Chairman Nitin Khandelwal said in Mumbai.

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