All India Gem and Jewellery Domestic Council (GJC) Chairman Ashish Pethe told PTI, "We urge the government to reduce the customs duty to 4 per cent from the current 12.5 per cent. If the tax rate is not kept at this level, it will encourage smuggling and encourage people to do unorganised business."
He further urged the government to keep goods falling under HSN-71 (Harmonised System Nomenclature) out of the purview of TCS provisions as the amount of funds blocked in TCS is 6.67 times more than the ability to pay income tax, resulting in blockage of funds.
Meanwhile, in the international market, Silver rose more than 4 per cent on Friday following a near 5 per cent gain on Thursday that came after messages on Reddit urged retail investors to pile into the market in an attempt to push prices higher.
Silver surged as much as 7% on Thursday after calls circulated on Reddit for people to buy silver mining stocks and iShares Silver Trust, an exchange-traded fund (ETF) backed by physical metal, in a GameStop-style squeeze.
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