Small diamond units in Gujarat say doing business in the goods and services tax (GST) regime has become difficult due to increased compliance requirements and uncertainty over when they will get input credit refund. The nearly 50,000 small and medium units in Surat and Saurashtra employ close to …
Tag: GJEPC
GST enforcement will be lenient during initial period: Commerce Secretary
To allay the fears of the exporting community, the Commerce Ministry on June 21 said that enforcement would not be harsh during the initial period of GST implementation from July 1. “Any transition will require some adjustment. Exporters will get an extended two months time for filing retur…
GST Impact: Gold importers, exporters to face many operational issues
The financial cost of importing gold and diamond is set to increase on account of Integrated Goods and Service Tax (IGST), as importers’ capital is likely to be blocked until refund comes. Even as exporters propose to raise bank guarantees to avoid refund complexities, domestic bullion trad…
3% GST on gold to hit unorganised sector, say industry experts
The GST Council’s decision to impose a 3 per cent GST on gold will not only make jewellery costlier but also lead to a higher incidence of illegal gold trade, industry experts have said. They also said bringing the unorganised gold sector into the GST ambit will be a challenge. “With GST, the tot…
Demonetisation: India’s stone cutting SMEs hit, global diamond business loses sheen
The global diamond industry is facing disruption that could stretch through the first few months of next year, including Valentine’s Day in February, as a result of Prime Minister Narendra Modi’s radical move to abolish most of the nation’s cash overnight. In Surat, craftsmen us…
IIJS 2016 opens doors for young innovators & MSME sector
In a welcome move, IIJS 2016 plans to introduce “Hall of Innovation” product gallery and a dedicated section for MSME sector in Hall no. 2 at Bombay Exhibition Centre. These new features are being introduced to encourage highest levels of craftsmanship and provide equal opportunities …
Steps to boost MSMEs, exports amid global cues | Nirmala Sitharaman
The government is taking necessary measures to support small and medium industries keeping in view a sluggish global situation that has led to fall in country’s exports, Commerce and Industry Minister Nirmala Sitharaman said. “It cannot be denied that the global situation has been dep…