EL not applicable on e-trade rough
GJEPC raises Equalisation Levy (EL) concerns Finance Minister clarifies EL not applicable Smt. Nirmala Sitharaman, Hon’ble Minister of Finance, Govt of India last evening in a representation meeting held with The Gems and Jewellery Export Promotion Council of India (GJEPC), clarified that the e-trade of rough diamonds does not attract 2 percent Equalisation Levy and assured the representation that a clarification will be done on this soon. The Gem and Jewellery Export Promotion Council of India (GJEPC), the designated apex body by government of India for the promotion of gems and jewellery, met Finance Minister Smt Nirmala Sitharaman in the Capital City New Delhi. A delegation led by Chairman, GJEPC Mr. Colin Shah represented the implications arising on the diamond segment due to expansion of Scope of Equalisation Levy (EL). Equalisation Levy was introduced and amended in the Finance Act 2020. A 2 percent Equalisation Levy has been effecti...