Prime Minister of India Narendra Modi will land in Israel today (4 pm) for the first official visit of an Indian prime Minster in the country. During his three-day visit, Modi will sign seven new agreements for cooperation between the two countries in diverse fields: water, agriculture, space and innovation. Modi will also meet with a group of Indian diamantaires working in Israel.
Last Saturday (July 1) Modi inaugurated the largest tax reform in India since it gained independence 1947. The reform, worked on for the last decade, will set a fixed tax rate across the sub-continent. The new Goods and Services Tax (GST) will replace several tax and costume tariffs, historically implemented in India’s 29 states. The new system categorizes all goods and services into five, from 0% tax on most foods and agriculture products, to 28% tax on electronics and jewelry. The goal of the reform was to cut red tape, increase demand, and enhance trade between the different countries in India.
The All India Gems & Jewellery Trade Federation (GJF) has begun a series of seminars on the GST reform, following requests from many jewelers. The GJF will also launch Adhigam, a new software that will help jewelers implement the new tax regulations.
