Relief to Jewellery Exporters from IGST
Click here to view this NewsLetter online
Saturday,January 05 2019 [ Issue 1 January/ 2019 ]
Relief to Jewellery Exporters from IGST
The New Year has certainly began on a good note as GST Council recently announced that gem & jewellery exporters will no longer have to pay 3 per cent IGST to nominated agencies (banks) from 1st January 2019. The upfront payment of IGST and Import duty in the form of bank guarantee had led to the huge working capital blockage for various small and medium jewellery exporters, increased interest cost, hassles of compliance to claim refund thus consequently impacting their business operations and global competitiveness. The Council is also expecting a similar relief from the Government to the exporters of articles of silver & platinum very soon.

The GJEPC has been pursuing the government on a lot of GST related issues and IGST was one of them. The pending issues are with respect to the blockage of input tax credit (‘ITC’) due to inverted duty rate structure, GST levied on exports made on consignment basis (including for foreign exhibitions, export promotion tours etc.) and refund of accumulated tax credit on account of inverted duty structure on input for a certain period. In addition to the above issues, the Council has also taken up the issue pertaining to import of gold on consignment basis for manufacture and export of jewellery.

 
Advertisement
Kosher 43060
 
Highlights

The All India Gem & Jewellery Domestic Council (GJC), the national apex body of the gems and jewellery industry has elected Anantha Padmanaban as Chairman and Sankar Sen as Vice Chairman for a period of two years. The list of other newly elect

 read more ...
 

The Indian Diamond Color & Colorstone Association (IDCA) Board of Directors has reportedly unanimously re-elected Nilesh Sheth of (Nice Diamonds) as President.

According to news reports, Sujan Doshi (S. A. Diamonds, Inc.) was elected as

 read more ...
 

In a major relief, the Union Government has accepted apex body - The Gem & Jewellery Export Promotion Council’s (GJEPC’s) demand to grant IGST-related exemption on supply of gold by Nominated Agencies to exporters of articles of go

 read more ...
 

Gem Diamonds recently announced the recovery of a 125-carat high quality white, Type IIa diamond. The diamond was recovered on 20 December  2018 from the Letšeng mine in Lesotho; it is the 15th diamond greater than 100 carats to be rec

 read more ...
 

JamesAllen.com, the fast-growing online diamond bridal jewelry retailer, has launched its new brick and mortar retail experience in Washington, D.C.

“This in-store shopping experience in Georgetown brings our brand to life and creates

 read more ...
 

The commerce, exports and cultural hub of South India is gearing up to host the first business cum leisure experiential networking trade event of the New Year for leading jewellers from different parts of country! All India Gem and Jewellery Domes

 read more ...
 

A 42.59-carat rough diamond discovered in October 2018 in the Panna district of Madhya Pradesh has reportedly been sold at auction for Rs. 2.55 crore or Rs. 6 lakh a carat, according to news reports.

The diamond was reportedly owned by two

 read more ...
 

From 2020, the Salon International de la Haute Horlogerie in Geneva (SIHH) and Baselworld in Basel, the two major events in the watch industry, will synchronise their calendars. In 2020, the SIHH will be held from 26 to 29 April in Geneva, followe

 read more ...
 

The Kingdom of Bahrain will have a new VAT law in place from 1st January 2019 as it will be the third Gulf Cooperation Council (GCC) member state to join the VAT fray after the UAE and Kingdom of Saudi Arabia implemented the tax one yea

 read more ...
 
Advertisement
GemEx NL
 
Copyright 2015 - CC1-CC2, Ground Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai 400013 India - All Rights Reserved.