23 Jul 2018
DiamondWorld Directory
Home |
News
Home
3% GST on Gold Procurement Hampering Exports: GJEPC
The apex body has also requested the government to expedite the refund processes as the industry is facing issue of non-realisation of GST paid
By: Diamond World News Service
|
Jul 6 2018 12:30PM
|
Reference: 16493  

DecreaseIncrease

The 3 per cent Goods and Services Tax (GST) on exporters for procuring gold from nominated agencies is hampering jewellery exports from India, industry body GJEPC reportedly said recently.

Gem and Jewellery Export Promotion Council (GJEPC) Chairman Pramod Agrawal said the sector is a US$ 41 billion export industry and it contributes 7 per cent to the country's economic growth and 15 per cent to exports.

"Government has given relief to nominated agencies for not paying IGST upfront on gold import on submission of bond. But there is still implication of 3 per cent GST on exporter for procuring gold from nominated agencies which from time to time the council has represented to government. This is hampering gold jewellery exports from India," he said in a statement.

He also urged the government to expedite the refund processes as the industry is facing issue of non-realisation of GST paid.

"GST rates for gold jewellery remained at 3 per cent and as a result, excluding the exports of SEZ which doesn’t fall in the ambit of GST, the gold jewellery exports from domestic tariff area has seen a reduction," he added.

Source: PTI

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
HouseAd_Trade Fair
Recent Issue
2018
AVAILABLE NOW...!
News in Pictures
Videos
Spotted: Who Wore What (19th to 30th June 2018)
Pictures: 11
JCK Las Vegas 2018
Pictures: 42
Carat+ 2018
Pictures: 20
Talk of Town - Trillion Cut Diamonds
Pictures: 18
#Cannes2018 Celebs Spotted; Who Wore What? (14th to 20th May)
Pictures: 12
Celebs Spotted: Who Wore What? (7th to 13th May)
Pictures: 13
Celeb Spotting (23rd to 29th Apr): Who Wore What?
Pictures: 3
Celeb Spotting (16th to 22nd April): Who Wore What?
Pictures: 6
Bharat Diamond Sports League
Pictures: 10
Hong Kong Show 2018
Pictures: 21
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 10885
GJEPC Chairman Interview
Views: 9935
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 16637
Promo for IJ Awards 2012 at NDTV Profit
Views: 27833
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 30749
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 8386
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 29251
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 28080
Advertisement
Kiran Gems
Member of:
Supporter of: