Nir­mala Sithara­man Holds Talks With In­dus­try Mem­bers

Solitaire - - GJEPC NEWS -

ir­mala Sithara­man, the union min­is­ter of state (in­de­pen­dent charge) for com­merce & in­dus­tries and the union min­is­ter of state for fi­nance & cor­po­rate af­fairs, vis­ited the Mumbai Di­a­mond Mer­chants As­so­ci­a­tion (MDMA) Hall at the Bharat Di­a­mond Bourse (BDB) on Oc­to­ber 6 for a dis­cus­sion on is­sues rel­e­vant to the gem and jew­ellery in­dus­try.

Mem­bers of the Gem & Jew­ellery Ex­port Pro­mo­tion Coun­cil (GJEPC), BDB and MDMA took part in the in­ter­ac­tive ses­sion and gave a pre­sen­ta­tion on the In­dian gem and jew­ellery in­dus­try’s ac­com­plish­ments and road map for the com­ing years. The in­dus­try rep­re­sen­ta­tives also no­ti­fied the min­is­ter of mat­ters of im­me­di­ate con­cern to the trade, and re­quested her to take th­ese up with the pol­icy decision mak­ers. Among th­ese was the in­dus­try’s long-stand­ing de­mand for the in­tro­duc­tion of a pre­sump­tive/turnover tax regime that could bring In­dia at par with global man­u­fac­tur­ing cen­tres like Bel­gium, Is­rael, Thai­land and China. Mem­bers ex­plained that this could lead to in­creased gov­ern­ment rev­enues and would sim­plify the pro­ce­dure and lit­i­ga­tion in­volved in col­lec­tion of in­come tax.

Another pro­posal cen­tred on the es­tab­lish­ment of Spe­cial No­ti­fied Zones (SNZ) for im­port and trad­ing of rough di­a­monds, where net in­come is fixed and taxes are paid only on in­voices raised to In­dian com­pa­nies. Trade rep­re­sen­ta­tives said this move would help in­ter­na­tional di­a­mond min­ing com­pa­nies bring their rough sup­plies di­rectly to In­dia for trad­ing.

Trade mem­bers sought clar­ity on the ap­pli­ca­tion of ser­vice tax/cus­toms duty on soft­ware used in the di­a­mond man­u­fac­tur­ing process, cre­ated by firms such as Is­rael­based Sarine Tech­nolo­gies. Mem­bers noted that ser­vice tax had al­ready been paid on cer­tain soft­ware and sought clar­i­fi­ca­tion on tax-ex­emp­tion. Con­cerns were also raised over the avail­abil­ity of fi­nance to the in­dus­try from banks and mem­bers called for a sim­pli­fi­ca­tion of pro­cesses and a re­duc­tion in bu­reau­cratic pro­ce­dures with re­gard to ex­port op­er­a­tions. Mem­bers of the GJEPC, BDB and MDMA gave a pre­sen­ta­tion on the In­dian gem and jew­ellery in­dus­try’s ac­com­plish­ments and road map for the com­ing years. They also no­ti­fied the min­is­ter of mat­ters of im­me­di­ate con­cern to the trade.”

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