jewellers get tax notices from excise dept despite govt assurance - gold jewellery set

by:JINGLIXIN     2019-08-18
jewellers get tax notices from excise dept despite govt assurance  -  gold jewellery set
Jewelers across the country canceled their 18-
Later on Saturday, the government pledged to strike on the same day.
Gold jewelry dealers and associations across the country have canceled their 18-
Late on Saturday, after the government promised they would not be harassed by tax officials, a 1% excise duty strike on gold jewelry was imposed.
The government also assured the jewellers that they would form a three
The member committees that address these issues will submit a report within the next 60 days.
However, a report from the business standards stated that, nevertheless, some jewellers have begun to receive tax notices from the excise department.
According to the report, the tax notice requires the jeweler to further detail their balance sheet, details of turnover over the past two years, expected turnover in March 2016, copy of income tax, VAT and sales return of 2014-15 and 2015-16.
A jeweler, who declined to be named, said in the report, "there is a huge disconnect between policy makers and tax officials.
We don't want inspector raj back to the department ".
On Saturday, after Finance Minister Arun Jaitley assured the industry would not be under the jurisdiction of "raj", the jeweler canceled the strike.
According to the report, the notice said that the investigation involved protecting government revenue and seeking cooperation from jewelers.
According to the report, the General Administration of Customs of Hong Kong has instructed jewelers not to declare their inventory to customs officers of Hong Kong, and they have also been asked not to go to jewellers to verify their inventory and records.
Jewellery Association including All India Federation of Gems and Jewellery Trade (GJF)
Indian Association of gold and silver Jewelers (IBJA)
The gem Export Promotion Commission, after the government imposed a 1% consumption tax on non-gem jewelry, called for an indefinite strike
Silver ornaments.
The tariff was imposed earlier in 2012, but was later recovered after the jeweler called for a strike.
Commission for the promotion of export of gemstones and jewellery (GJEPC)
In a press release, the strike caused losses of Rs 60
Bring 70,000 rupees to the industry.
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