Promotion Council Chairman exports of gems and jewelery (Gem & Jewellery Export Promotion Council, GJEPC), Pravinshankar Pandya (Praveenshankar Pandya) said in a press statement that the budget for the 2017-18 year, which is February 1, 2017 was presented by Minister of Finance of India Arun Dzheytli (Arun Jaitley), is a "progressive and promotes transformations budget, which will lead India to the next stage of social and economic growth" and "means that the government is moving to create a system based on sound policies and management; transparency and objectivity in decision-making; towards concrete results and based on the laws of economics. "
Among a number of positive findings for the industry of the proposed budget of the government - made him focus on the export infrastructure, trade infrastructure for the export scheme (Infrastructure for Export Scheme, TIES) , scheduled for the 2017-18 year; reduction of income tax to 25% for small companies with an annual turnover of up to Rs. 500 m; establishment of 100 international centers of learning production skills; ban on cash transactions of more than Rs. 300,000; and drastic measures providing for penalties for those who willfully evades return loans to banks.
However, according to Pandya, there are still a number of issues concerning the facilitation of business in jewelry and gemstones manufacturing sector to be addressed. These include investments in infrastructure, including the creation of "jewelry parks" all over India; promoting international trade in order to make India a global center of the diamond trade, and gems that will also give impetus to local production; implementation of schemes to create new jobs in the gems and jewelery sector, both domestic and export; encourage more entrepreneurs to participate in the program of start-ups in India; setting a minimum tax on diamond exports in the framework of taxation of goods and services on the basis of the principle of equivalence; a marketing authorization and exemption from taxation of income from the sale of diamonds in a special customs zone (Special Notified Zone, SNZ), and the introduction of presumptive taxation and the abolition of the minimum additional tax (Minimum Alternate Tax, MAT) for gems and jewelery exporters.
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The delegation of the Council on the promotion of exports of gems and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) November 30 held an interactive dialogue session with the Finance Minister of the Indian state of Maharashtra Sudhir Mungantivarom (Sudhir Mungantiwar). Organization discussed with him a number of industry issues that fall under the sphere of influence of the government.
The delegation included the chairman of GJEPC Pravinshankar Pandya (Praveenshankar Pandya); Vice-president of the organization Russell Mehta (Russell Mehta); Ashok H. Gadzhera (Ashok H. Gajera), West region; Diamond Head Commission Sanjay K. Shah (Sanjay K. Shah); Anil B. inIran (Anil B. Virani) and A. Kireet Bhansali (Kirit A. Bhansali); and others. Anoop Mehta (Anoop Mehta), President of the Indian Diamond Exchange (Bharat Diamond Bourse), also attended the meeting.
The main issues discussed with the Minister concerned the VAT refund system; examples of political decisions of other Indian states, which can be applied in Maharashtra; Taxation problems in special customs areas; the possibility of establishing an international center for exhibitions and conferences; permits for exhibitions; an explanation of the customs rules; the difference in the taxation of branches of natural and synthetic diamonds; as well as problems such as the taxation, employment and flexibility in tariff special custom zones and others.
Mungantivar promised the participants of the conference to consider these issues and assured the members of the industry that the government will give them every support.
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