Diamond Industry Delegation from Surat Meets Hon Union Minister of Finance on GST Accumulation
A delegation representing the diamond industry of Surat led by GJEPC met Hon'ble Union Minister of Finance Smt. Nirmala Sitharaman to discuss issues related to the problems faced on account of the accumulation of GST.
The delegation pointed out that there was accumulation of input tax credit due to inverted duty structure which can't be utilised, and put forward different suggestions on how these issues could be addressed. A reduction in the rates for Job Charges and Grading Certification charges was one of the proposed solutions that would offer immediate relief to the trade, they said.
The Minister heard the delegation and assured the diamantaires that the Government would examine the best possible solution to this burning issue. The Department officials would review the proposal and the existing rates, structure, etc. There is a possibility that the matter may be discussed at the upcoming GST Council meeting.
The GJEPC has also been asked to propose longer term and more permanent solutions based on the details of different models or practices followed by other diamond manufacturing or trading hubs.
The GJEPC said it was grateful to Hon'ble Members of Parliament, Shri C. R. Patil and Smt. Darshanaben Jardosh for their support in facilitating the meeting.
Pic caption: A delegation of diamantaires from Surat led by GJEPC Regional Chairman Shri Dinesh Navadiya met Hon. Union Minister of Finance, Smt Nirmala Sitharaman on the issue of GST accumulation