The Gem & Jewellery Export Promotion Council (GJEPC) represented by its Chairman Shri Praveenshankar Pandya and Chief Executive Director (CED) Shri Sabyasachi Ray and joined by the Surat Diamond Association President Babubhai N. Gujarati, made a presentation to the Hon’ble Minister of Finance, Government of India (GoI), Shri Arun Jaitley on January 4, 2018. Also present at the meeting were Cabinet Minister Shri Mansukh Mandaviya; Members of Parliament Smt. Darshana Jardosh and Shri C.R. Patil; and Shri Nanubhai Vanani, former minister, Gujarat.
At the meeting, the impact of GST on the diamond sector was discussed in detail. The Government of India was requested to introduce a scheme under GST whereby all transactions between import and export are in a no-tax situation.
The delegation requested that a scheme may be introduced which emulates key competitors like Belgium and Israel by creating a group in terms of Section 148 of the CGST Act / SGST acts 2017, exempting (with input tax facility) nil rating or taxing at nil or nominal value all transactions between registered members of the GST group. Also, issues of refund and presumptive tax were discussed.
The Hon’ble Finance Minister gave the delegation a patient hearing and assured them that the various points raised would be looked into.
News Source: GJEPC