Tuesday, 27 June 2017
“So much of gold buying in India was done through small retailers and sales were never recorded properly on their books. When you had those levels of under-invoicing — even no reporting — it was detrimental to those retailers following the rules. And the tax authorities were losing money all the way, hence GST is a good step. Joy Alukkas, Chairman, Joyaluakkas.
“Apart from three per cent GST on gold and 0.25 per cent on rough diamond import, there will be a five per cent GST on services rendered outside the factory premises. This means, diamond processing would be costlier by three to four per cent.” Praveen Shankar Pandya, Chairman, Gjepc India
Monday, 26 June 2017