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.
The regulator under PMLA issues guidelines and prescribes measures to establish client identity in different transactions.
Economic Suvery Volume II 2016-17 stated that 3 per cent GST on gold is low and are disproportionately consumed by the ‘very rich’.
The campaign is dedicated to promote national defense effort amongst the people wherein the entire family will be donating donate Rs. 1 or more each day for 365 days and the collected fund will be donated to ‘Indian Army Welfare Fund’.
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.
Credit profiles of organised players to witness gradual recovery over the medium term.
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.
After PM Narendra Modi’s pep talk about ‘Design in India’ and how India should be Number One in gems and jewellery, Indian exporters are all geared up to hit $60 billion worth of exports in the next 5 years. Given the current climate, this could be a tall order. There is no dearth for inspiration in this country that has had a longstanding heritage when it comes to craftsmanship. We have a strong foundation in jewellery manufacturing and the industry currently employs 4.5 million skilled and semi-skilled workers across India, but we are meeting only 10 per cent of the global demand. If our forte lies in jewellery making, why is India not playing to its strength? Where is the industry lacking and what should it be doing to be on top? Explores Vijetha Rangabashyam
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.