|The All India Gems & Jewellery Trade Federation (GJF) has reportedly announced plans to conduct seminars for jewelry manufacturers, retailers and traders across India, with the aim of sharing information and creating awareness regarding implementation of the new excise duty requirements on jewelry, and other trade related administrative practices, reports the Gem and Jewellery Export Promotion Council (GJEPC).
This follows a notification issued last week by India's Department of Revenue's Central Board of Excise and Customs confirming the recommendations of the special Sub-Committee formed to advise on issues relating to compliance procedure for the newly-implemented excise duty on jewelry.
The seminars, which will be given by the GJF Chairman, Directors, Regional Directors and experts from the industry, will give instruction on a range of topics, including: excise duty levies without input, capital goods tax credit with credit; no excise duty payable on the sale of traded goods; records maintained for State VAT and other private records, showing details of inputs, stocks, manufactured goods, sold/exported goods, etc., to be accepted for excise purposes; stock details to be maintained on weight and caratage basis, movement of jewelry, transit checks, excise duty on value additions in case of converted jewelry, and more.
GJF Chairman GV Sreedhar was reportedly appreciative of the government notification, noting that most of the High Level Committee's recommendations had been accepted by the government. "...Jewellers will be more comfortable in undertaking business transactions in the new environment of simplified procedural & compliance hurdles pertaining to the excise duty," said Sreedhar, as quoted by the GJEPC.
Sreedhar also requested that the Indian government continue their support for the gems and jewelry sector, and raise the PAN card limit for transactions. Commenting on the government's announcement, Ashok Minawala, a GJF Director, and Honorary Member of the Dr. Ashok Lahiri High Level Committee on Excise Duty, said, "Many important issues such as no summons or visit without Commissioner's approval, optional scheme, have been accepted by the government for the betterment of the trade. This will boost trade sentiments as the industry was eagerly awaiting the clarifications on the levy of excise duty," said Minawala, as quoted by the GJEPC.