The Government think tank Niti Aayog has suggested that the Government bring down import duty on gold from the existing level of 10 percent and also slash the Goods and Service Tax rate on the precious metal from the current 3 percent.
Policy changes last year created a lot of upheavals in the Indian gems and jewellery
industry. A good medicine tastes bitter; likewise, the policies may have caused
a short-term mayhem in the industry, however, the gradual transition with GST is
meant to do good in the long term. It’s definitely a move towards more transparent
and organized way of doing business. By Kavita Parab
Non-conducive climatic conditions along with GST & demonitization has put jewellers in Pune in a big low this Diwali.
Post the GST council’s decision to not exempt inter-state taxable supply of job work service in the jewellery sector from compulsory GST registration, supply of jewellery from manufacturing hubs will definitely get affected.
Economic Suvery Volume II 2016-17 stated that 3 per cent GST on gold is low and are disproportionately consumed by the ‘very rich’.
Chennai based jewellers approach Chief Minister Edappadi K.Palaniswami for GST exemption on a few gold and silver ornaments.
The Revenue Department today clarified that sale of old jewellery by individuals will not attract any GST as the sale is not for furthering any business.
Many Kerala-based jewellers have expressed their angst regarding Malabar Gold & Diamond’s decision of waiving GST for the customers.
Implementation of GST on 1st of July has resulted in lacklustre business on Monday.
While jewellers are happy with the new GST implementation, many of them are desperately trying to get rid of old jewellery stock by giving good discounts on making charges.
GJF starts preparing G&J industry on GST with seminars and webinars on GST on 29th June, 2017 in Mumbai.
Expecting better sales after the new uniform taxation regime GST, Malabar Gold & Diamonds has drawn up a Rs 2,000 crore expansion plan to open 80 more stores this financial year.
IEC holders are required to quote their PAN (in place of existing IEC) in all their future documentation, w.e.f. the notified date.
GST Council’s earlier decision on fixing 18% GST on making charges on jewellery received a lot of flak from the jewellery industry.
The 3 percent tax on gold jewellery is not likely to cause any major disruption to the overall gold demand, ICRA said in a report.
GJEPC raising its concern over GST on Diamonds mentioned in a release that the move would cause a set-back to the export oriented diamond industry.
Amongst everything that concerns GST, compliance and registration are very important. Here,Indian Jeweller is trying to help you with few important points to keep in mind.
GJF hopes that the Centre would levy only 1.25 per cent tax on the sector.
Industry looking forward to this day, as it is just before GST, says Nitin Khandelwal, Chairman GJF.
GJF urged the government to levy 1.25 per cent Goods and Service Tax (GST) on the industry as against the proposed four per cent.
All India Gems & Jewellery Trade Federation seeks GST of 1.25 per cent for the gems & jewellery sector
The recommendations include increasing PAN card limit at Rs. 5 lakh and above, GST at 1.25 per cent, etc.