13 Nov 2019
DiamondWorld Directory
Home |
News
Home
Government to keep a strict vigil on gems and jewellery sector
Meanwhile, yesterday, GST Council met for its 25th meeting in New Delhi. The council announced cut in GST rate from 3 per cent to 0.25 per cent on diamonds and precious stones.
By: Diamond World News Service
|
Jan 19 2018 1:00PM
|
Reference: 16010  

DecreaseIncrease

In a bid to crack down on hoarders and launderers of black money, the reigning government has come up with a new plan, says news reports.

According to news reports, the government is preparing the new rules to keep a strict watch on the gems and jewellery sector. Retailers would soon have to report purchases above Rs. 6 lakh to the Financial Intelligence Unit. As per a Hindustan Times report, the new rules would also apply to retailers of other luxury goods.

The news report states that the government believes that apart from helping government agencies such as the Enforcement Directorate detect money laundering, these reports could also help the Income-Tax department identify individuals whose purchases are disproportionate to their known sources of income.

The National Democratic Alliance (NDA) governemnt has reportedly announced several other measures to crack down on black money and money laundering, including deregistering shell companies that exist solely to facilitate such transactions and strengthening the Benami Transactions Act. Notably, post demonetisation, the government had increased scrutiny of cash transactions, banning those above Rs. 2 lakh and reporting of PAN for any transaction of Rs. 50,000 or above.

Meanwhile, yesterday, GST Council met for its 25th meeting in New Delhi. The council announced cut in GST rate from 3 per cent to 0.25 per cent on diamonds and precious stones.

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
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
Spotted: Who Wore What (August 2018)
Pictures: 4
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 21406
GJEPC Chairman Interview
Views: 19334
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 26393
Promo for IJ Awards 2012 at NDTV Profit
Views: 39574
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 43156
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 16540
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 41153
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 38856
Advertisement
Finestar Diamonds
Advertisement
Mohra India
Member of:
Supporter of: