Raid on jewellery shop for alleged smuggling: India sees over 340 tonnes of gold smuggled into the country each year
The recent raid by the Directorate of Revenue Intelligence (DRI) and STF Punjab on a jewellery shop in Sarafan Bazaar has caused an uproar among the community. The shop's owner has been arrested for allegedly smuggling gold into India from Dubai.
GJEPC asks for duty cuts in its Budget proposals to Government
Some of the major aspects of budget representation are duty cuts primarily for gold, cut and polished diamonds, precious and semi-precious gemstones
GJEPC Chairman Holds Multiple Discussions With Eastern Region Stakeholders
Colin Shah, Chairman, GJEPC, held a series of meetings in Kolkata last week
GJEPC Jaipur Office Holds Open House on Customs Issues
GJEPC’s regional office in Jaipur held an open house on Customs issues on 25th August
Expansion of scope of ECIS by ECGC to banks lending to exports, is an encouraging step towards resolving the finance woes of the G&J sector: GJEPC
GJEPC applauds and welcomes the announcements made by Hon’ble Finance Minister Nirmala Sitharaman to boost exports
Customs clarifies that Gems and jewellery carried for international exhibitions now exempted from IGST
This comes into effect post several representations by the GJEPC to the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes & Customs
Gems and jewellery carried for international exhibitions now exempted from IGST
The statement from the Government of India clarified that that the activity of sending or taking the goods out of India for exhibition or on consignment basis for export promotion do not constitute as supply as the said activity does not fall within the scope of section 7 of the CGST Act as there is no consideration at that point in time
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Jewellers Association welcomes finance ministry's decision to waive off IGST on re-import of gems and jewellery
The exporters shall now be able to carry their gems and jewellery on the basis of delivery challan meant for approvals and can then adjust the delivery challan with the jewellery re-imported within six months of its issuing date
Govt might waive 3% IGST on unsold jewellery imports
Since these ornaments are not carried based on pre-orders from foreign customers, some of them are sold in the exhibition itself, while the remaining are brought back to India. On such imports, jewellers need to pay another three per cent towards IGST
Gems and Jewellery industry requests cut in import duty
GJEPC has asked for a reduction in import duty on Cut and Polished Diamonds & Precious and Semi-Precious Gemstones from 7.5% to 2.5% and on Gold from 10% to 4%
Trade expects new government to upgrade gold as asset class
The trade is also expecting that government will make an effort to increase banking to the gem and jewellery sector, which has been facing the brunt of the banks after the infamous Nirav Modi scam
Jewellers Association members and Union Minister Dr Mahesh Sharma share "Bharat ke mann ke baat Modi ke saath" in Jaipur
On this occasion, Jewellers Association president Sanjay Kala, on behalf of jewellers, put forth the demands of the industry in front of Dr Sharma.
Gem & Jewellery Exporters Exempted from 3% IGST on supply of Gold by Nominated Agencies from January 1, 2019
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.
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New gold policy soon; aims to promote yellow metal, jewellery exports: Govt
The domestic industry has demanded a cut in import duty on gold to 4% from the current 10%
Exemption from GST on Gold Supplied to Jewellery Exporters
Large amounts of working capital were earlier being blocked on account of exporters having to pay IGST upfront and then apply for refunds
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