Over all it was an average budget for the bullion industry as not much modifications were made as far the polices and regimes are concerned. We expected an implementation of GST for all round growth of our economy including supply chain, sourcing and distribution decisions, inventory cost, cash flows, pricing policy, accounting system and transactions management but nothing came up on that front.
There were no changes in CTT (Commodity transaction tax) too.
Bullion dealers and jewellery manufacturers have sent several representations to the government for reduction in import duty from the existing 10% to 2% to provide a fillip to the domestic jewellery sector. But nothing has taken place on that front too.
On the contrary, an excise of one percent has been levied which will prove to be major setback for the officially organized sector of the bullion industry.
Over all it was a neutral budget with no major developments for the bullion industry. On a scale of 1 to 10 I would rate this budget as 6.