GST on Gold, Silver and Processed Diamonds!

-


The Goods and Services Tax (GST) on Gold, which was minor than Industry Prospects of around 5 percent, will substitute a number of Federal and State Levies.

“In the case of Gold, keeping various factors in mind, because there was an extensive debate … We finally reached a consensus of taxing gold at 3 percent,” Finance Minister Arun Jaitley voiced reporters in New Delhi after a meeting of the GST Council.

The council comprising Central and State Government Representatives is preparing the landmark Tax measure. Gold Jewellery, Silver and Processed Diamonds will also be taxed at 3 percent, while the tax on rough Diamonds will be 0.25 percent, Revenue Secretary Hasmukh Adhia said.











The Gems and Jewelry Business is the World’s Second-Prime Gold Operator greeted the tax Percentage, Saying it will benefit the segment become more compliant and mature. “Currently, the Industry pays taxes around 2 to 2.5 percent, so 3 percent is almost as good as no impact,” Aditya Pethe, A Director at WHP Jewelers said. “With this taxation, many shambolic players will be encouraged to enter organized trade.”

Anticipating a higher tax rate, Indian jewellers have been restocking inventory, a move that was expected to hit imports of the metal in the second half of the year when gold demand is advanced due to festive season buying.

Prime Minister Narendra Modi’s government is pinning hopes on the GST to boost economic growth that slumped to 6.1 percent in the quarter to March.

The Indian head of the World Gold Assembly believed the government’s conclusion on gold was an inspiring phase and would aid stabilize an industry in which millions are employed. But with customs duty of 10 percent, the total tax on gold is still high and will continue to have an impact on the jewelry industry, Somasundaram PR, Managing Director, India, World Gold Council, said in a statement.









“This may be a favorable time for the government to cut the import duty and bring down the total tax on gold significantly so unauthorized imports are totally eliminated and the industry embraces transparency in letter and spirit under GST,” he said.

The duty charged on cotton will be 5 percent, ready-made garments 12 percent and hand-rolled Indian cigarettes or bidis 28 percent, Jaitley said. Apparel costing less than 1,000 rupees and footwear below 500 rupees will attract a tax of 5 percent. New Delhi has already fixed tax for telecom and financial services at a uniform rate of 18 percent and transport services at 5 percent.

Fore more information on GST please visit www.cbec.gov.in, https://en.wikipedia.org/wiki/Goods_and_Services_Tax_(India), www.gstindia.com/about

Comments

Post a Comment

Popular posts from this blog

iDiamondCloud - Best Jewellery Software for all your Inventory, Accounting, Purchase, CRM & RFID needs

-
Image
iDiamondCloud is an online inventory and accounting management software for the Diamond, Gemstone, Watches and Jewelry industry. A complete inventory and accounting management software that caters to all the needs of jewelers, whole sellers and light manufacturers. Small to large size retailers with multiple branches as well as for Diamond, Gemstone and Watch dealers. The core features include inventory management, with bar-coding, customer management, sales & returns, accounting system including Billing, Purchasing, and Memo in Memo out, Banking, many reports plus many additional technological features. The software is compatible with all PCs, MACs, Android tablets, iPads, and iPhones. iDiamondCloud was developed with   input from our clients, who have been using the Diamond, Jewellery, Gemstone and Watch Management Software in various international locations for years. Integration with latest technologies like RFID / SMS / EMAIL marketing, handheld mobile support ...
Read more

iGemCloud – The Gems Inventory Software, ERP Software for Diamond & Jewelry Businesses!

-
Image
Get your gemstone inventory perfect; track accurately how much of each gemstone stock you have, set thresholds for re-order to eradicate backorders and be notified of the gemstones you are running short – best gemstones inventory software. You can also improve your productivity and operational efficiency by increasing the volume with labor optimized inventory and accounting methodologies.  iGemCloud provides you real-time metrics to know when to add more stock for demand points. iGemCloud is the best gemstone software for pc, enabling you to optimize your jewellery business. iGemCloud is the best retail jewellery software enabling gemstone jewelers to manage their jewelery businesses online, from anywhere. With iGemCloud managing your jewelry business, you don’t need any other jewelry store software. • PRINT LABEL – From Gem section we can print the label of stone with certain attributes like the shape, color, carat, cut, clarity, lab, etc. • You can get the Import and ex...
Read more

Hong Kong Gems & Jewellery Fair Celebrates 35th Anniversary

-
Image
The HK Jewellery & Gem Fair Celebrating its 35th anniversary in September this year with a distinct appearance of Loyalty Awards to eight exhibitors who have participated in the September Fair for 35 successive years. A Champagne toast and a jewellery birthday cake-cutting ceremony will also be held at AsiaWorld-Expo (AWE) on September 13 and at the Hong Kong Convention & Exhibition Centre (HKCEC) on September 15. As part of the whole-week celebrations, buyers who take selfies at selected spots throughout the fair location and post them on UBM Asia’s Facebook and Instagram pages can redeem a pack of GODIVA chocolate (selected flavour) sponsored by GODIVA and a Tourist Privilege Booklet and a Harbour City x Jeremyville Cardholder sponsored by Harbour City in AWE. The Antwerp World Diamond Centre is linking in the celebration by giving Trade Buyer ID holders a travel bag set. Not to be outdone, the AWE is offering a 35 percent discount on buffet/set lunches ...
Read more