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 […]
The post Import of Gold to Attract 3% GST Says CBEC in FAQs for G&J Sector appeared first on The Jewelry Magazine.
]]>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 […]
The post Govt Issues Clarification: No GST on Resale of Old Gold Jewellery by Individuals appeared first on The Jewelry Magazine.
]]>The Gem& Jewellery Export Promotion Council (GJEPC) in coordination with the Bharat Diamond Bourse (BDB) hosted a seminar for exporters on implications of and procedures under the new GST regime introduced by the government. A large number of exporters attended the session which was held in the bourse premises. The seminar was addressed by Mr. […]
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