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News

Jewellers see chaos as April 1 cash-curb deadline nears

  • Author:Chloe
  • Source:http://www.dnaindia.com/
  • Release on :2017-03-28
   The gems and jewellery industry is up for some tough times ahead
   Coming curbs on cash purchases, widely seen in jewellery purchases in rural areas, a likely high Goods and Services tax rate and troublesome GST compliance issues relating to registering thousands of independent and semi-literate artisans handing gold ornaments are some of the key factors that would keep the morale of the industry down.
   Welcoming the government's move to promote electronic payments, the jewellery industry sees curbs on cash deals and high services charges for using cards as likely dampener at a time when the jewellers are staring at the prospect of GST tax at rates could be much higher than present VAT rates.
   The industry needs to register 'karigars' as they would be handling significant quantum of the precious metal inventory needing maintenance of computerised records.
   "Artisans who would be charging up to a threshold limit of Rs 20 lakh of making charges for the jewellery needs to be registered. Such payments wouldn't be made to individuals but usually to a head artisan who in turn would be making payments to several people working under him each specialised in specific areas of jewellery making. We have demanded that this limit to Rs 50 lakh," said Sen.