For now, no PAN for jewellery over Rs 50,000
TNN | Oct 7, 2017, 00:26 IST
HIGHLIGHTS
Now, the customers will not be asked to furnish PAN card while purchasing jewellery worth over Rs 50,000.
The Centre has temporarily withdrawn a notification issued in Aug that made it mandatory for jewellers to ask for KYC documents for such purchases.
The notification had brought the gems and jewellery sector under the PMLA Act.
NEW DELHI: You will, for now, not be asked to furnish your PAN card while purchasing jewellery worth over Rs 50,000. The government has temporarily withdrawn a notification issued in August that made it mandatory for jewellers to ask for KYC (know your customer) documents for such purchases.
The notification had brought the gems and jewellery sector under the PMLA Act.
Jewellers demand a buyer's PAN card for purchases above Rs 2 lakh, but the notification had reduced the threshold to those worth over Rs 50,000, which had troubled the sector.
Industry representatives had complained that stringent KYC norms may hurt legitimate sales and give rise to illegal trade. The sector had urged the government to withdraw the notification.
TOP COMMENTThis decision seems to have been taken in view of the up coming Gujarat elections.Prithviraj Kumar
"After considering various aspects of the issue, the government has decided to rescind the said notification. A separate notification after ... wider stakeholder consultation in this regard, shall be issued separately," the government said in a notification. Tax experts said the announcement would help boost pre-Diwali sales.
"This is one key sector that was adversely impacted post GST, and hopefully today's decision should bring the traders' smiles back... " said Harpreet Singh, partner, indirect tax, at consulting firm KPMG.
TNN | Oct 7, 2017, 00:26 IST
HIGHLIGHTS
Now, the customers will not be asked to furnish PAN card while purchasing jewellery worth over Rs 50,000.
The Centre has temporarily withdrawn a notification issued in Aug that made it mandatory for jewellers to ask for KYC documents for such purchases.
The notification had brought the gems and jewellery sector under the PMLA Act.
NEW DELHI: You will, for now, not be asked to furnish your PAN card while purchasing jewellery worth over Rs 50,000. The government has temporarily withdrawn a notification issued in August that made it mandatory for jewellers to ask for KYC (know your customer) documents for such purchases.
The notification had brought the gems and jewellery sector under the PMLA Act.
Jewellers demand a buyer's PAN card for purchases above Rs 2 lakh, but the notification had reduced the threshold to those worth over Rs 50,000, which had troubled the sector.
Industry representatives had complained that stringent KYC norms may hurt legitimate sales and give rise to illegal trade. The sector had urged the government to withdraw the notification.
TOP COMMENTThis decision seems to have been taken in view of the up coming Gujarat elections.Prithviraj Kumar
"After considering various aspects of the issue, the government has decided to rescind the said notification. A separate notification after ... wider stakeholder consultation in this regard, shall be issued separately," the government said in a notification. Tax experts said the announcement would help boost pre-Diwali sales.
"This is one key sector that was adversely impacted post GST, and hopefully today's decision should bring the traders' smiles back... " said Harpreet Singh, partner, indirect tax, at consulting firm KPMG.
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