In response to a significant increase in gold jewellery and parts imports, the Commerce and Industry Ministry has imposed immediate restrictions, as indicated by a recent notification from the Directorate General of Foreign Trade (DGFT)

Currently, Malabar Gold & Diamonds operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe

Finance Minister Nirmala Sitharaman will present the budget on the Parliament on February 1, 2023. With the approaching central elections, popular consensus on this year’s budget is that it would be growth-oriented, with a focus on infrastructure, inflation, manufacturing and rural economy

A reduced import duty will make gold smuggling less attractive and will eventually drive the illegal gold out of the markets.

Malabar Group chairman MP Ahammed said the government should create an enabling environment for the jewellery retail trade to introduce MRP pricing in the segment without any pricing break-up in terms of GST or other taxes

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

Under the goods and services tax regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000

Jewellers claimed that the 13 per cent duty on gold- 10 per cent import duty and 3 per cent GST- is encouraging illegal entry of the yellow metal

40 officials are involved in the investigation at the recently opened Malabar Gold & Diamonds store in Coimbatore owing to an alleged tax evasion.

The purchase of gold and silver jewellery and the charges paid for making of the jewellery would be subject to VAT, pearls and gemstones would be zero rated subject to certification by the competent authority determining its nature.

Provisions of the stringent Cofeposa have been invoked against the three accused, including the father and son duo, allegedly involved in diversion of gold jewellery meant for export.

The regulator under PMLA issues guidelines and prescribes measures to establish client identity in different transactions.

GST Council’s earlier decision on fixing 18% GST on making charges on jewellery received a lot of flak from the jewellery industry.

Only unaccounted domestic cash holding can be declared through the new Income Disclosure Scheme and not jewellery, stocks, immovable property or overseas accounts.