GJ Town India

Hosted an insightful knowledge session    Bharat Diamond Bourse (BDB), hosted an insightful Knowledge Session on the implications of the India Budget 2024 on the diamonds and jewellery businesses. The session featured esteemed speakers Rajendra IRS, former Member of the Income Tax Appellate Tribunal (ITAT) Mumbai, and CA Dr. Mitil Chokshi, Partner Chokshi & Chokshi a renowned tax consultant and advisor.   The event was attended by a notable audience of 140 industry members both physical & virtual, reflecting the high level of interest and engagement within the diamond and jewellery sectors.  Key Discussion Points: 1. Direct Tax and Other Taxes: The speakers provided a comprehensive analysis of the changes in direct tax regulations and their impact on business operations within the industry.  2. Controversial Litigations: The session addressed ongoing and contentious tax litigations affecting the sector, offering insights into potential resolutions an...

Effective from 01 February, 2019 Recently department of Industrial Policy & Promotion, under the ministry of Commerce & Industry, attempted review of policy on Foreign Direct Investment (FDI) in e-commerce to provide clarity to FDI policy on e-commerce sector. They reviewed Para 5.2.15.2 of the Consolidated FDI Policy Circular 2017 will now read as under:   5.2.15.2.1 Subject to provisions of FDI Policy, e-commerce entities would engage only in Business to Business (B2B) e-commerce and not in Business to Consumer (B2C) e-commerce. 5.2.15.2.2 Definitions: i)    E-commerce: E-commerce means buying and selling of goods and services including digital products over digital & electronic network. ii)   E-commerce entity: E-commerce entity means a company incorporated under the Companies Act 1956 or the Companies Act 2013 or a foreign company covered under section 2 (42) of the Companies Act, 2013 or an office, branch or agency in...