5 million people work in the G&J industry that is worth $40 billion and contributes around 7 per cent to our nation’s GDP The GJEPC has recommended import duty on Cut and Polished Diamonds and Gemstones from 7.5 per cent to 2.5 per cent. 10 per cent decline has been witnessed in export of diamond […]
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]]>On December 31, 2019, a delegation of The Gem & Jewellery Export Promotion Council (GJEPC), led by its Chairman Pramod Kumar Agrawal met with the Chairman of MMTC Ltd, Ved Prakash, who was accompanied by Vikram Meena, CGM In-charge, MMTC, Jaipur Regional office, in Jaipur. Other members of the GJEPC delegation included: Nirmal Kumar Bardiya, […]
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]]>The government has again permitted gold and silver jewelry exporters to replenish the precious metal duty-free after selling it at international exhibitions, a move which would help in promoting the growth of the sector. This facility of duty-free replenishment of precious metals was stopped after the implementation of the goods and services tax (GST). The […]
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]]>The Rajasthan Investment Promotion Scheme announced in October 2014, had given exemption from entertainment tax up to 50 % to multiplexes, water, and theme parks, among other sectors for 7 years. Businesses have moved courts against the Rajasthan government’s decision to not extend benefits earlier promised under the state investment promotion scheme, after the goods […]
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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 […]
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]]>Last year, the ‘December Show’ was discontinued due to demonetisation in November. Obviously, this time around, the organisers were not without jitters even though the shadows had retreated. Marshalling all their energy, they increased the stall count to 800 from 730. But it was hard to guess what would be in store. “We did everything […]
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]]>One of the key sessions on Day 2 of the Dubai Diamond Conference will turn the spotlight on the effects of the introduction of the Goods & Services Tax (GST) in India on wholesale diamond trading as well as discuss the proposed implementation of VAT in the GCC countries from early 2018. During the session […]
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]]>Based on the recommendations of the high power Committee on Exports, GST Council at its 22nd meeting held on Friday, Oct 6, 2017 approved a major relief package for exporters which included short term measures such as the expeditious handling and clearing of backlog of refunds due and a permanent solution in the form of […]
The post Govt Announces Reliefs in GST Procedure for Exports, Changes KYC Norms for Jewellery Sale appeared first on The Jewelry Magazine.
]]>Imports of gold and other precious metals will attract 3% IGST, payable by the importing bank /nominated agency, the Central Board of Excise & Customs (CBEC) has clarified in its latest set of FAQs related to the gems and jewellery industry. The amount paid can however be taken as input credit by the banks, it […]
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]]>The Ministry of Finance, Government of India has issued a further clarification that sale of old jewellery by an individual to a jeweller will not make the latter liable to pay tax under the GST reverse charge mechanism. We reproduce below the statement issued by the Press Information Bureau on July 13: Further clarification on […]
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