The Gem & Jewellery Export Promotion Council, Surat and RSM Astute jointly organized two seminars to analyse the Union Budget 2020 and discuss its implications for the gem and jewellery industry. The first was held on February 3, and a second session, covering the same theme, was held on February 4, due to the overwhelming response from the trade.

Representatives of over 50 g&j manufacturing units were present on each of the days.

Keynote Speaker, Nirav Jogani, Vice Chairman, RSM Astute Consultech Pvt. Ltd., gave a brief introduction presenting a brief overview of the structure of India’s macro economy and fund flow. This was followed by a detailed presentation covering macro-economic data, prominent themes of Budget 2020, tax proposals – direct & indirect etc.

During the presentation Jogani gave details about the important announcements related to the financial sector, ease of living, agriculture, irrigation and rural development, health, water & sanitation, education & skill development, industry, commerce & investment, infrastructure etc.

The presentation then reviewed the amendments to the direct tax proposals made in September 2019 and their impact in relation to Budget 2020. He also covered the implications of the taxation proposals for domestic companies, for individuals, as well as HUF, and other related announcement on personal income tax. Additionally, he spoke about the provisions related to tax audits, start-ups and MSMEs, charitable trusts and NGOs, and the amendments to the provisions for NRIs, NRIs and FPIs, before moving on to the penalties and appeals, dispute settlement scheme, bogus billing, TDS provisions, TCS provisions etc.

Finally, Jogani apprised members that due to new rules and regulations, companies will have to change their internal operations and software etc. to meet the requirements. He emphasized that it was necessary to be careful about the parties one was dealing with and to ensure completion of KYC before entering into business with any new customers or even with existing customers.

A very enthusiastic Q&A session followed with lots of participation from the audience.