India’s gem & jewellery, (ornament) industry has been distress from constant changes and doubtful in tax policy. It is a wide-spread feeling among the jewellery companionship that the Indian Govt. Needs to work towards a more uniform and compatible taxation policy under GST regime for the GJIndustry.
Industry has recently requested the govt. to implement uniform 1% GST across the entire G&J sector as such an initiative would bring all jewellery manufacturers under one single umbrella. Such action would also help the G&J sector to Encourage ‘Make in India’ concept at grass root level and help in getting the sector more organized.
But india’s chief economic advisor Mr. Arvind Subramanian has recommended a 2 to 6% tax on precious metals, which is above the 1% VAT applicable on them in most of the Indian states. Mr. Arvind feels that taxing precious metals close to the upper limit of 6% would help in keeping the standard GST rate lower for most of the goods.
RAJASTHAN AAR CLARIFIES 18% GST ON MINING ROYALTY PAID TO STATE GOVERNMENT RAJASTHAN AUTHORITY FOR…
SUPREME COURT UPHOLDS VALIDITY OF LEVY GST ON LOTTERIES: SKILL LOTTO SOLUTIONS PVT LTD vs…
SUPREME COURT UPHOLDS THE VALIDITY OF ARREST PROVISIONS UNDER CUSTOM AND GST ACT: RADHIKA AGARWAL…
SUPREME COURT CLARIFIES DEPRECIATION ON NON-COMPETE FEE U/S 32(1)(ii) OF INCOME TAX ACT REPORTBALE SUPREME…
Supreme Court issues directions for Cataloguing witnesses and documentary evidences in Criminal Trial: Manojbhai Jethabhai…
Head Office Expenditure of Non-Resident Companies in Relation to Indian Business Subject to the Deduction…