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Jewellery exporters have sought equalisation levy exemption from the finance ministry as new changes to the Income-Tax Act have impacted the procurement of rough diamonds through online auctions.
The procurement of rough diamonds from global miners and traders through the e-auction process attracts additional 2 per cent equalisation levy. This has led to global miners amending the contract terms. Some auction houses have barred Indian customers from participating in their June spot auction process, said Colin Shah, chairman, Gem & Jewellery Export Promotion Council.
The request features in the industry body’s representation to the finance ministry for Union
The procurement of rough diamonds from global miners and traders through the e-auction process attracts additional 2 per cent equalisation levy. This has led to global miners amending the contract terms. Some auction houses have barred Indian customers from participating in their June spot auction process, said Colin Shah, chairman, Gem & Jewellery Export Promotion Council.
The request features in the industry body’s representation to the finance ministry for Union
