Govt removes gems, jewellery dealers from PMLA reporting requirement

The government on Friday revoked the notification on the Gems and Jewellery sector which included jewellers under the Prevention of Money Laundering Act

"The 30% year-on-year growth that our company and the organised sector witnessed in the fiscal quarter ended June was impacted slightly, down around 5% in the second quarter, by the extension of PMLA to the gems and jewellery trade on August 23", said Balram Garg, managing director, PC Jewellers.

Government on Friday revoked GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000. The decision was taken in the 22nd sitting of the GST Council.

The Central Government has rolled back the previous notification that brought the gems and jewellery under the ambit of Prevention of Money Laundering Act (PMLA).

A separate notification on this will be issued separately after due consideration. Critical amongst these, were the requirement under Rule 9 of the PMLA Rules, whereby a reporting entity must verify the identity of its clients, via a KYC process, for every transaction of Rs. 50,000 or more (whether conducted as a single transaction or several transactions that appear to be connected).

In a slew of measures to provide relief to exporter hit hard by the implementation of Goods and Services Tax, the GST Council today made a decision to bring in an e-wallet facility after six months to speed up their refund claims, council member and Kerala Finance Minister Thomas Isaac said.

With over 33 lakh businesses filing the final GSTR-1 return, the GoM has tasked GSTN to send reminder text messages to the remaining 20 lakh businesses which are yet to submit the tax forms. The GST council headed by Finance Minister, Arun Jaitley held a meeting in Delhi on October 6.

The government need not be informed on jewellery purchase of over Rs 50,000.

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