Source: The Hindu Business Line, Jan 02, 2019
In a major relief to the sector, the Union government has accepted the Gem and Jewelry Export Promotion Council’s (GJEPC’s) demand to grant IGST-related exemption on the supply of gold by nominated agencies to exporters of articles of gold.
The GST Council recently announced that gem and jewellery exporters will no longer have to pay the 3 per cent Integrated Goods and Services Tax (IGST) to nominated agencies (banks) from January 1, 2019, said Pramod Kumar Agrawal, Chairman, GJEPC, on Wednesday.
He said the GST Council found it necessary to exempt the intra-State supply of gold as per the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when supplied by the nominated agency under the scheme for “Export Against Supply by Nominated Agency”. Read the rest of this entry »