Gem & Jewellery Exporters Exempted from IGST!
No 3% IGST on supply of Gold by Nominated Agencies Exemption Effective from January 1, 2019 In a major relief, the Union Government has accepted apex body - The Gem & Jewellery Export Promotion Council’s (GJEPC’s) demand to grant IGST-related exemption on supply of gold by Nominated Agencies to exporters of articles of gold. The GST Council recently announced that gem & jewellery exporters will no longer have to pay 3% IGST to nominated agencies (banks) from 1st January 2019. Mr. Pramod Kumar Agrawal, Chairman, GJEPC, said, “We commend this step undertaken by the Government. On recommendations of the Council, the GST Council ruled that it was satisfied and it is necessary in public interest to exempt the intra-State supply of gold falling in heading 7108 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when supplied by Nominated Agency under the scheme for "Export Against Supply by Nominated Agency.” We are also expecting a similar rel