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Gems Council Will Itself Evaluate The Diamond-Based Transactions

Gems Council Will Itself Evaluate The Diamond-Based Transactions

The GST commissioner of Mumbai has not yet released the parcel of 750 diamonds, which they seized from the Angkor for the diamond courier on January 4 of this year. They did not have proper documents related to those diamonds, so they were seized. The Gem and Jewelry Export Promotion Council (GJEPC) has hired 20 chartered accountants to independently verify the authenticity of the transactions. The industry is worried about the impact of diamond exports in this environment, in which Modi Government has diamond But GST has reduced from 3% to 0.25%. With the reduction of GST, the working of the industry will be quite free of capital. Industry largely imports raw material and most of the diamond are exported back. On January 4 people were carrying 90 bags of 1050 high-value parcel were found from 85 locals caught.

While speaking, GJEPC Chairman Pramod Agarwal said, “We have made 20 CAs working in the India Diamond Bores’ premises to verify the authenticity of the transactions. Their review has shown that in many cases diamonds were seized when they did not even reach the taxability status (on job work). However, the process of the sector has also been known to have flaws. There were no GST compliant documents with all parcels.”

On the basis of independent verification, GJEPC has issued a necessary document for verification of every parcel from GST authorities, in addition to the contents of the parcel and printed series of matches (print number series), if it is confirmed, to leave the parcel that is requested. GJEPC also said in its request that most of the participants are registered with GST, so they will definitely take necessary compliance at the time of filing returns. On 18 January 2018, it resigned in a meeting with GST Authorities.

Agarwal alleges that after the meeting, GST authorities did not hesitate to accept GST specific documents such as corruption or delivery challan filed on parcel during the scrutiny of their documents. Agarwal said, “GST authorities have demanded to repay GST with penalties for withdrawal of parcel while no GST is applicable to such deals. During the discussions with GST Authorities, it was emphasized that demanding a GST with penalties would be wrong as in this case only the process related mistake has occurred. We are still in touch with GST authorities to find out the meaningful outcome of the talks.”