At a representation meeting held on 27 August with The Gems and Jewellery Export Promotion Council of India (GJEPC), Smt. Nirmala Sitharaman, Hon’ble Minister of Finance, Govt of India has clarified that the e-trade of rough diamonds does not attract 2 percent equalisation levy. She has assured that an official clarification from the government will be issued soon, says a press release from GJEPC.
Equalisation levy was introduced and amended in the Finance Act 2020. A two percent equalisation levy has been effective from April 1, 2020 in the fiscal year and is applicable on the consideration received/receivable by an e-commerce operator.
During the meeting, GJEPC representation urged the Hon'ble Minister to issue appropriate amendment/ clarification, to ensure that the diamond sector is not burdened with the equalisation levy, even where rough diamonds are procured through auctions over a digital platform.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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