A delegation from The Gem & Jewellery Export Promotion Council (GJEPC) was amongst a special group, including business leaders, representatives of financial services and representatives of trade and industry bodies and associations, with whom Dr. Hasmukh Adhia, Finance Secretary, Government of India, interacted with in Mumbai on December 14, 2017.
The meeting was held to discuss proposals and suggestions from the trade and industry and other stakeholders on direct and indirect taxation, as part of the budget preparatory exercise for the Financial Year 2018-19. The Finance Secretary was accompanied by Chairman, CBDT and representatives of CBEC; as well as senior officials of the Income Tax department.
The GJEPC delegation led by Chairman Praveenshankar Pandya, included Ashok Gajera, Regional Chairman, Western Region; Sudhir Patil, Asst. Manager, GJEPC; Nishant Shah, Consultant, Economic Laws Practice (ELP) and Supreme Kothari, Consultant, ELP.
GJEPC Chaiman presented the following issues at the meeting to the Finance Secretary:
Presumptive taxation scheme (PTS) for the diamond industry
Reduction of import duty on gold from present duty of 10% to 4-5%
Job work policy for diamonds/coloured gemstones
Bank Finance to the gem & jewellery industry
Comprehensive gold policy
News Source: gjepc.org