GJEPC held a meeting with Mr. Raman Chopra, Joint Secretary, Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, in New Delhi on 28th August to express gratitude on behalf of the Indian gem and jewellery industry for the recent announcement in the Union Budget 2024 of the Safe Harbour Rule and the abolition of the Equalisation Levy.
Mr. Ajesh Mehta, Convener, Diamond Panel, GJEPC, thanked Mr. Chopra for introducing the Safe Harbor Rule, which simplifies taxation rules on sale of diamonds in Special Notified Zones (SNZs) by foreign miners. Mr. Mehta also lauded the government’s decision for the abolition of the Equalization Levy, a tax previously imposed on certain international digital transactions. Both these policy reforms were longstanding demands of the GJEPC.