In what could be a huge relief for jewellery and diamond processing industry before India’s biggest tax reform kicks in from July 1, the Goods and Service Tax (GST) Council reduced the applicable rate on making charges from 18 per cent to just 5 per cent. “The GST Council has received 133 representations. An officers’ … Read More →
To much relief in the gold jewellery and diamond processing industry, the goods and services tax (GST) Council slashed the applicable rate on making charges from the 18 per cent decided earlier to five per cent. While announcing the decision along with similar reduction on GST rate on various other products and services, Union … Read More →
Jewellers welcomed the decision to fix the goods and services tax (GST) rate for gold at 3 percent and for rough diamonds at 0.25 percent, saying the move will help boost the industry. They said the government has understood the need of the bullion industry and created a special category in the GST. “We welcome … Read More →
Goods and services tax (GST) of 3 per cent on gold will open a window for cheap jewellery imports from Indonesia and South Korea from July 1. Now, a 12.5 per cent countervailing duty is charged on imports of such jewellery from countries with which India has free trade agreements (FTAs). As excise duty … Read More →
The gems and jewellery industry on Saturday welcomed the Centre’s decision to keep the goods and services tax rates (GST) for gold at 3 per cent, which is almost in the same range being levied by most of the states at present. While most of the states have been levying between 2-2.5 percent tax on … Read More →
Be ready to shell out more for that pair of designer jeans or branded t-shirt the next time you make a trip to your favourite branded store. With tax incidence on branded apparels and other finished textile products rising to 18 per cent under the new goods and services tax (GST) regime, prices would likely … Read More →
State finance ministers attending the crucial 14th meeting of the goods and services tax (GST) Council sounded confident of rolling out the country’s largest tax reform since Independence on 1 July, but wanted the meeting to iron out some issues of local importance. Kerala finance minister Thomas Isaac told reporters in Srinagar that the state … Read More →