50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
69
Mountings, whether
imported or indigenously
procured/manufactured,
used in studded jewellery
1.8%
1.8%
Gold/silver/platinum
medallions and coins
(excluding coins of nature
of legal tender)
0.2%
0.2%
Findings and mountings
manufactured by
mechanized process
0.9%
0.9%
Minimum value addition shall be:
Item of Export
Minimum Value Addition
Plain gold jewellery,
Articles, and ornaments
like Mangalsutra containing
gold and black beads /
imitation stones, except in
studded form of jewellery.
3.5 %
All types of Studded gold 6.0% (for those studded
with coloured Gem stones)
and 7.0% (for those stud-
ded with diamonds).
Any jewellery / articles man-
ufactured by fully mech-
anised process
2.0 %
Gold medallions &coins
(excluding coins of nature of
legal tender)
1.5 %
Gold / silver / platinum
findings / mountings
manufactured by
mechanised process
2.5 %
•
Calicut Airport, Kerala and Arakonam ICD, Tamil Nadu
have been notified as registered ports for import and
export
•
Exclusion of Gems and Jewellery Export Promotion
Council from the list of Nominated Agency
Measures announced by the Government of India for
Gem and Jewellery Sector in the financial year 2015-16
•
Issuance of RBI Circular No. 1 dated 02.07.2015 on
Re-export of unsold rough diamonds from Special
Notified Zone of Customs without Export Declaration
Form (EDF) formality - In order to facilitate re-export of
unsold rough diamonds imported on free of cost basis
at SNZ, it is clarified that the unsold rough diamonds,
when re-exported from the SNZ (being an area within
the Customs) without entering the Domestic Tariff Area
(DTA), do not require any EDF formality.
•
CBDT issued a press release dated 15th December,
2015 whereby the Government of India enhanced the
monetary limits of certain transactions which require
quoting of PAN. In case of purchase of jewellery/bullion,
the amount has been increased from Rs 1 Lakh to 2 Lakh
per transaction. Rule 114B of Income Tax Rules, 1962
regarding Financial Transactions where quoting of PAN
is mandatory, have been amended.
•
Issuance of Customs Notification 40/2015 dated 21st
July 2015 regarding Exemption for customs duty on cut
and polished diamonds imported by specified agencies
in FTP
•
Addition of M/s HRD Diamond Institute Private Limited,
Mumbai, Maharashtra, India is as agency permitted
to import duty free diamonds for certification/grading
and subsequent re-export vide DGFT Notification
No.28/2015-2020 dated 16th December, 2015
•
Issuance of CBDT notification dated 16th December,
2015 providing Relaxation in 15 CA & 15 CB certificate
for every payment made to supplier in the foreign
country.
Other Activities:
Seminar on Octroi Return Filing
The Council hosted a workshop on April 7, 2015 to familiarize
the trade with the new procedures for refund of Octroi that
have come into effect recently. Officials from the BMC’s
Octroi department made a presentation on the new online
development in the procedures related to e-filing. The
presentation had specifically discussed this in the context of
filing of returns related to diamonds, pearls, precious stones,
semi-precious stones etc. The officials explained the new
process for e-Refund filing, and this was followed by a Q &
A session.
Seminar: Awareness of Export/Import Policy & Procedure
for Gold Jewellery
GJEPC along with Goldsmith Cluster, Jalgoan organized a
seminar on “Awareness of Export/Import Policy & Procedure
for Gold Jewellery” (8th April, 2015). GJEPC representative,
Dr. Jitarani Udgata, conducted a session to create awareness
on EXIM policy and other procedures including the DGFT
registration for export. This was also followed by a brief
presentation on the International Marketing Strategy for plain
gold jewellery export. The presentation covered the potential
markets, competitors in the international market, preferred
designs etc.
Seminar on TDS
The Gem & Jewellery Export Promotion Council (GJEPC)
in co-ordination with the Income Tax Department of the
Government of India organised a seminar on the importance
and modalities of the ‘Tax Deducted at Source’ scheme
at BDB on 27th August. The seminar was attended by
members of the industry from GJEPC and BDB as well as
government officials.
The main presentation was given by Dr. Darsi Suman
Ratnam, Jt. Commissioner of Income Tax who stressed
the importance of the Tax Deduction and how it helps the
government. He highlighted the fact that only 3.5 crore out of
120 crore people in India are registered tax payers. Hence,
he said, TDS plays a crucial role in helping to avoid tax
evasion and ensure a regular income to the government. The
presentations were followed by a Q&A session.
