Gold Jewellers See Sales Surge by 35-40% Following Duty Reduction
A recent reduction in gold import duties—from 15% to 6% in the latest budget—has led to a remarkable 35-40% increase in sales for gold retailers across India. This dramatic shift has provided a much-needed boost to an industry that had been struggling with high prices and stagnant sales
G & J Gives Mixed Response To Proposal For GST Under Reverse Mechanism
A proposal by a group of ministers for GST amendment on the gem and jewellery sector got a mixed response from the G & J trade segment
Allow E-way Bill for Intra-State Transportation of Gold: GoM
Under the goods and services tax regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000
One Hell of a Year
The Year That Was
Jewellery demand rises ahead of expected GST hike as gold prices moderate
Domestic gold prices have declined 3.6 per cent since its peak of Rs 39,031/10g on September 4, taking cue from global prices
Rumors suggest tax on gold to be hiked by GST Council
Jewellers alleged that the government is likely to increase GST rates for the yellow metal from three per cent to over 10 per cent
Gem & Jewellery Exporters Exempted from 3% IGST on supply of Gold by Nominated Agencies from January 1, 2019
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.
Exemption from GST on Gold Supplied to Jewellery Exporters
Large amounts of working capital were earlier being blocked on account of exporters having to pay IGST upfront and then apply for refunds
Jewellery stocks shine, surge up to 5.3%
Jewellery stocks rose up to 5.3 per cent on hopes that gold sales will pick up pace during Diwali with the government saying PAN will not be mandatory on the purchase of jewellery for over Rs 50,000.
Movement of Jewellery from Manufacturing Hubs bound to be hit
Post the GST council’s decision to not exempt inter-state taxable supply of job work service in the jewellery sector from compulsory GST registration, supply of jewellery from manufacturing hubs will definitely get affected.
Chennai based Jewellers Request for GST Exemption on Certain Ornaments
Chennai based jewellers approach Chief Minister Edappadi K.Palaniswami for GST exemption on a few gold and silver ornaments.
Government slashes GST rate on jewellery making from 18% to 5%
GST Council’s earlier decision on fixing 18% GST on making charges on jewellery received a lot of flak from the jewellery industry.
Gold & Jewellery industry upbeat on GST; GJEPC calls GST on Diamonds a retrograde step
GJEPC raising its concern over GST on Diamonds mentioned in a release that the move would cause a set-back to the export oriented diamond industry.
GJF urges Govt to levy 1.25% GST on Jewellery Sector
GJF urged the government to levy 1.25 per cent Goods and Service Tax (GST) on the industry as against the proposed four per cent.
GJF & industry delegates submits GST representation to the Bihar Finance Minister Abdul Bari Siddiqui & Commercial Tax Minister Bijendra Prasad Yadav
All India Gems & Jewellery Trade Federation seeks GST of 1.25 per cent for the gems & jewellery sector
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