Some solutions to SNZ taxation issues could come through soon

At the inauguration of the 32nd IIJS, Commerce Secretary Ms Rita A. Teaotia spoke of the government’s efforts in supporting the industry to grow. In this vein, she spoke of the government having moved very quickly ‘on the SNZ demand of the gem and jewellery sector and the execution is already underway.’ She also mentioned that the government ‘will work with the industry to develop a reasonable and rational outcome” to the complex taxation issues related to the operation of the Special Notified Zone (SNZ) for the import of rough diamonds being set up in the Bharat Diamond Bourse’, reports say.

Another aspect she touched upon was the government looking into the industry request to develop an 8 digit HS Code for trade in synthetic diamonds and identified this as a valid request and that the government is looking into this seriously, reports say.

Ms Rita A. Teaotia was speaking in response to the requests put forward by Vipul Shah of GJEPC on behalf of the industry, during his welcome address at IIJS, reports say. He expressed a need and urged the government to address the taxation regime which had been put forward by De Beers and other miners, thereby paving way for the zone to soon be commissioned.