The CBDT has clarified that TCS is not a tax on goods but an interim levy on the possible "income" arising from the sale of goods by the buyer and to be adjusted against the final income-tax liability.
The GST Council recently announced that gem & jewellery exporters will no longer have to pay 3% IGST to nominated agencies (banks) from 1st January 2019.
Among other reasons, a reduced demand and decreased cash flow will witness at least 30% decline in jewellery sales as against last year.
Jewellery stocks rose up to 5.3 per cent on hopes that gold sales will pick up pace during Diwali with the government saying PAN will not be mandatory on the purchase of jewellery for over Rs 50,000.
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.
Credit profiles of organised players to witness gradual recovery over the medium term.
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.