Government Set to Increase GST on Gold and Silver to 5%
The Indian government is expected to increase the Goods and Services Tax (GST) rate on gold and silver from 3% to 5%. This anticipated hike follows recent reductions in the basic customs duty, as outlined in the latest Budget
Founder of Malabar Gold & Diamonds, MP Ahammed demands a reduction in import duty to curb gold smuggling
A reduced import duty will make gold smuggling less attractive and will eventually drive the illegal gold out of the markets.
GJC seeks reduction of import duty on gold to 4%
The gem and jewellery industry has sought reduction in customs duty on gold to four per cent, withdrawal of tax collected at source (TCS), cut in import duty on polished precious and semi-precious gemstones, in the upcoming Union Budget 2021-22
Malabar Group Urges Govt To Reduce Tax Rate
Malabar Group chairman MP Ahammed said the government should create an enabling environment for the jewellery retail trade to introduce MRP pricing in the segment without any pricing break-up in terms of GST or other taxes
GJEPC UNCUT 2020: Webinar on 'The Diamond Industry Recovery Options & Way Forward': All Stakeholders To Take Responsible Demand-Driven Decisions
The GJEPC had conducted a webinar on the ‘Diamond Industry’s Recovery Options & Way Forward’
GJEPC recommends reduction in import duty & other policy changes for the forthcoming budget
5 million people work in the G&J industry that is worth $40 billion and contributes around 7 per cent to our nation’s GDP
Rumors suggest tax on gold to be hiked by GST Council
Jewellers alleged that the government is likely to increase GST rates for the yellow metal from three per cent to over 10 per cent
Titan Company likely to grow in double digits in Q2
The management had indicated that the performance in July was particularly weak (seeing revenue de-growth) while green shoots were visible in August and September
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.
Niti Aayog Suggests Slashing Import Duty, GST On Gold
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.
Gold jewellery demand may fall by 2-4% this year
However, in value terms, the demand for gold jewellery is likely to register a growth of 5-7 percent during the year, rating agency Icra said in its report.
GJF reacts to Economic Survey referring gold GST rate being 'low'
Economic Suvery Volume II 2016-17 stated that 3 per cent GST on gold is low and are disproportionately consumed by the ‘very rich’.
GST puts organised jewellery retailers on a strong platform
Credit profiles of organised players to witness gradual recovery over the medium term.
At 3% GST rate, gold jewellery demand to be unaffected, says Icra
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.
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