RJ Market Watch
Diamond & jewellery suppliers want online sales tax abolished
The tax will be applied to all sales made by any foreign e-commerce operator including suppliers of rough or polished diamonds — to any resident or business in India.
Talking with TOI, Jayanti Savaliya, president of Surat Gems and Jewellery Association (SGJA) said that the two-month lockdown has already decimated the gems and jewellery industry. During these trying times, the government has imposed online sales tax, which is going to hugely impact the diamond and jewellery manufacturers,” adding that SGJA has written a letter to PM Narendra Modi seeking revocation of the decision and safeguarding the gems and jewellery sector.
According to Savaliya, the diamond and jewellery manufacturers have been using e-commerce platform for selling diamonds and jewellery to the customers. However, the e-commerce operator will be responsible for making quarterly payments to India’s tax authorities after the introduction of online sale tax.
Babu Kathiriya, president of SDA said that online tax system should be abolished in the larger interest of the diamond and jewellery sector. There are many diamond industries who are selling polished diamonds through e-commerce platforms.
Cortesy: Times of India
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