18 Nov 2019
DiamondWorld Directory
Home |
News
Home
GST department confiscates jewellery parcels for insufficient paperwork
As per reliable sources, a lot of carriers have so far been cleared on submission of requisite papers.
By: Diamond World News Service
|
Jan 5 2018 4:20PM
|
Reference: 15965  

DecreaseIncrease

Around 90 parcels containing jewellery were reportedly confiscated by the Goods and Services Tax (GST) department.

As per various media reports, Mumbai GST Commissioner, KN Raghavan, confirmed that the parcels, which came in from Gujarat, were seized as they may have been sourced and ferried flouting GST norms. Around 85 carriers have been detained in connection with the incident.

However, Diamond World spoke, BVC Logistics, one of the leading logistics companies in India. Uday Chinai, Chairman of BVC Group of Companies said, “Media reports have been unnecessary buzz created around the confiscation. As far as I know, a lot of parcels have been released after submission of required papers. They were not flouting any norms, as per my knowledge. It was only about insufficient papers.” Mr Chinai denied to disclose the identity of the logistics company and neither confirmed if any of the parcels belonged to his company.

 “The parcels possibly contain gold, silver and diamonds and we have taken them for examination. Only after a thorough perusal of the jewellery items will we be able to monetise their worth,” Raghavan told Mirror. “We are checking if the jewellery consignments were transferred and ferried with the mandatory GST papers,” Raghavan was quoted by a newspaper daily.

Under the GST Act, all movement of goods within states has to be accompanied by an e-waybill. This has to be generated from a GST portal. This document allows the movement of goods from one place to another and specifies the quantity and the overall value of the goods. According to GST, jewellery, silver and processed diamonds are taxed at 3 per cent, while the tax on rough diamonds will be 0.25 percent. It has been reported that with Customs duty of 10 per cent, the total tax on gold is still high and will continue to have an impact on the jewellery industry, says a news report.

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
2019
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 21700
GJEPC Chairman Interview
Views: 19681
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 26759
Promo for IJ Awards 2012 at NDTV Profit
Views: 39870
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 43510
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 16807
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 41530
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 39237
Advertisement
Finestar Diamonds
Advertisement
M.Tarun
Member of:
Supporter of: