News

Dec 15, 2017

GJEPC Submits Proposals to Finance Secretary Dr. Hasmukh Adhia in Run-Up to Budget FY 2018-19

A delegation from The Gem & Jewellery Export Promotion Council (GJEPC)  was  amongst a special group,  including  business leaders, representatives of financial services  and representatives of trade and industry bodies and associations,  with whom Dr. Hasmukh Adhia,  Finance Secretary, Government  of India, interacted with in Mumbai on December 14, 2017.

The meeting was held to discuss proposals and suggestions from the trade and industry and other stakeholders  on direct and indirect taxation,  as part of the budget preparatory exercise for the Financial Year 2018-19. The Finance Secretary was  accompanied by  Chairman, CBDT and representatives of CBEC; as well as senior officials of the Income Tax department.   

 

The GJEPC delegation led by Chairman Praveenshankar Pandya, included Ashok Gajera, Regional Chairman, Western Region; Sudhir Patil, Asst. Manager, GJEPC; Nishant Shah, Consultant, Economic  Laws Practice (ELP) and Supreme Kothari, Consultant, ELP.

GJEPC Chaiman presented the following issues at the meeting to the Finance Secretary:  

  •  Presumptive taxation scheme (PTS) for the diamond industry
  •  Reduction of import duty on gold from present duty of 10% to 4-5%
  • Job work policy  for diamonds/coloured gemstones
  • Bank Finance to the gem & jewellery  industry

Comprehensive gold policy