FM also Cheers GJ Industry & Trade

The 37th GST Council met in Goa under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman. GST Council took numbers of decisions relating to changes in GST rates, ITC eligibility criteria, exemptions and clarifications on connected issues. The government also focussed on GJ (Gem-n-Jewellery) industry & trade.

 

Key highlights are,

1: To reduce rate of GST from 5% to 1.5% on supply of job work services in relation to diamonds.

 

2: 3% to 0.25% on cut and polished semi- precious stones.

 

3: Under the export promotion measure, the meeting resolved that,

                A: To exempt services provided by an intermediary to a supplier of goods or recipient of goods when           both the supplier and recipient are located outside the taxable territory.

 

                B: Exemption from GST/IGST at the time of import on Silver/Platinum by specified nominated     agencies,

 

                 i: supply of Silver/Platinum by specified nominated agency to exporters for exports of Jewellery,

 

                ii: Inclusion of Diamond India Limited (DIL) in the list of nominated agencies eligible for               IGST exemption on imports of Gold/ Silver/Platinum so as to supply at Nil GST to Jewellery exporters.           (Exclusively edited by Nayan Jani, Editor: JNI & veteran gem & jewellery trade journalist)

 

 

 

•