The Indian government announced that henceforth, no Integrated Goods & Services Tax (IGST) will be levied on gems and jewellery being reimported into the country after having been taken overseas for participation in trade shows and exhibitions.
The government notification also clarified that all exports of goods for exhibitions and trade shows will not be considered as a supply of goods.
The Indian gem and jewellery industry has for some time now, represented to the government that these reimports need to be exempted from IGST in order to facilitate the participation of Indian companies in overseas trade shows.
Gem & Jewellery Export Promotion Council (GJEPC) Chairman Pramod Agarwal commented, “The entire gem & jewellery industry is thankful to the government for coming up with this trade-friendly step as this will further boost the promotional activities globally. As the apex body of the industry, we have not left any stone unturned in our genuine efforts towards resolving this issue. The move will definitely provide respite to our member exporters.”