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INDIA ABOLISHES TAX ON GEMS AND JEWELLERY FROM TRADE SHOWS

IGST tax abolished on goods re-imported into the country from exhibitions and shows
India wedding diamond ring
Credit: Sukpaiboonwat / shutterstock.com

India has announced that it will no longer impose the Integrated Goods & Services Tax (IGST) on gems and jewellery “being reimported into the country after having been taken overseas for participation in trade shows and exhibitions”, according to Gem Konnect.

 

India Gems Diamonds
Credit: David Talukdar / shutterstock.com

 

The government also clarified that all exports of goods for exhibitions and trade shows will not be considered as a supply of goods.

 

Gold jewelry India
Credit: weinstock / pixabay.com

 

Gem & Jewellery Export Promotion Council (GJEPC) Chairman Pramod Agarwal commented: “The entire gem & jewellery industry is thankful to the government for coming up with this trade-friendly step as this will further boost the promotional activities globally. As the apex body of the industry, we have not left any stone unturned in our genuine efforts towards resolving this issue. The move will definitely provide respite to our member exporters”.



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