GJEPC committee members and officials have been interacting with representatives of various state governments and meeting certain officials of the central government to present their viewpoint on the GST rates and seek appropriate changes for the benefit of the export industry.
On June 8, a delegation of GJEPC from Gujarat region met Shri Nitin Patel, Dy CM of Gujarat and outlined to him the different suggestions that have been put forward by the Council.
A day earlier, members of the GJEPC committee in Jaipur had a meeting with the Finance Minister of Rajasthan and put forward the Council’s perspective on the GST rates.
Simultaneously, meetings have been held with various senior officials of the central government to appraise them on how the GST rates will have a negative impact on Indian G&J exports, and put forward the changes that are being requested by the Council.
Some of the key issues raised by GJEPC are:
a.The 0.25% IGST on rough diamond to be abolished
b. The 18% GST on labour charges for manufacture of diamonds through job workers to be abolished or at least brought at the same level of GST on rough diamonds just to keep an audit trail
c. Coloured gemstones to be given the same treatment as diamonds at all levels of GST taxation and procedures, including rates
d. Diamond Dollar Account transactions should be nil rated under GST
e. GST on labour charges on Jewellery manufacturing to be nil or at best equal to the rate of final product i.e jewellery
f. GST procedure for jewellery exports should be commensurate with Duty Free Gold / Silver procurement through nominated agencies i.e through bond/bank guarantee
The Council is also suggesting that the GST rate of 3% be brought down to 1% in case of cut & polished diamonds to ensure parity with competing centres such as Belgium.
GJEPC committee members and officials have been interacting with representatives of various state governments and meeting certain officials of the central government to present their viewpoint on the GST rates and seek appropriate changes for the benefit of the export industry.
On June 8, a delegation of GJEPC from Gujarat region met Shri Nitin Patel, Dy CM of Gujarat and outlined to him the different suggestions that have been put forward by the Council.
A day earlier, members of the GJEPC committee in Jaipur had a meeting with the Finance Minister of Rajasthan and put forward the Council’s perspective on the GST rates.
Simultaneously, meetings have been held with various senior officials of the central government to appraise them on how the GST rates will have a negative impact on Indian G&J exports, and put forward the changes that are being requested by the Council.
Some of the key issues raised by GJEPC are:
a.The 0.25% IGST on rough diamond to be abolished
b. The 18% GST on labour charges for manufacture of diamonds through job workers to be abolished or at least brought at the same level of GST on rough diamonds just to keep an audit trail
c. Coloured gemstones to be given the same treatment as diamonds at all levels of GST taxation and procedures, including rates
d. Diamond Dollar Account transactions should be nil rated under GST
e. GST on labour charges on Jewellery manufacturing to be nil or at best equal to the rate of final product i.e jewellery
f. GST procedure for jewellery exports should be commensurate with Duty Free Gold / Silver procurement through nominated agencies i.e through bond/bank guarantee
The Council is also suggesting that the GST rate of 3% be brought down to 1% in case of cut & polished diamonds to ensure parity with competing centres such as Belgium.
News Source: www.gjepc.org
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
