GJ Town India

  Eye to ease pressure on export chains: GJEPC    The Gem & Jewellery Export Promotion Council (GJEPC) has warmly welcomed the GST reforms announced at the 56th GST Council meeting held on 3rd September in New Delhi under the chairpersonship of Hon’ble Union Finance & Corporate Affairs Minister, Smt Nirmala Sitharaman.    The rationalisation of GST rates across multiple sectors reflects the Government’s commitment to stimulating domestic demand, easing cost pressures, and enhancing the competitiveness of Indian industry. For the diamonds and jewellery sector, the reforms bring significant relief.    The Council’s decision to exempt imports of natural cut and polished diamonds up to 25 cents under the Diamond Imprest Authorisation Scheme (DIAS) from IGST (previously 18%) will ease working capital pressures and support manufacturers and exporters engaged in small-diamond processing.  In addition, the reduction of GST on jewellery...

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...