Banks will have to import gold and store it in a customs-bonded warehouse, and then supply to exporters without customs clearance; no relief for bullion refineries, however Banks and jewellery exporters have a reason to smile after the GST Council did some tweaking during its meeting on Saturday. The council proposed that supply of warehouse […]

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Apart from freeing up blocked working capital, move will help overcome ambiguity in tax structure and avoid mis-declaration and tax evasion The sharp cut in the rate of GST (Goods and Services Tax) on polished diamond has brought much cheer to processors and jewellery exporters. Around 94 per cent of the diamonds processed in the […]

The post GJEPC Welcomes Reduction in GST Rates for Cut & Polished Diamonds and Precious Stones appeared first on The Jewelry Magazine.

In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000. In a notification issued on Friday, the Ministry of Finance said, “The government has received representations from various associations in the gems and […]

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The Hon’ble Union Finance Minister, Government of India, Shri Arun Jaitley yesterday announced the formation of a Committee on Exports to look at the issues of export sector and to recommend to the GST Council suitable strategy for helping the export sector in the post-GST scenario, according to a statement released by the official Press […]

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The GJEPC has welcomed the decision of the GST Council to harmonise rates for import of rough diamonds across all HS Codes, thus reducing the GST on the industrial and unsorted diamonds category from 3% to 0.25%. This change was announced after the 21st meeting of the GST Council held on Sept 9, 2017, along […]

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