No PAN Card Required For Purchasing Jewellery Over Rs 50,000: GST Council

News World India | 0
| October 6 , 2017 , 19:54 IST

Much to the relief of commoners, the GST notification which made the requirement of PAN card compulsory on gems and jewellery has been revoked by the government. As per the decision taken in the GST council meeting today, no PAN card will be required for the jewellery purchase of over Rs 50,000.

During a hiatus provided to entities dealing in Jewellery, gems and high-value goods having a turnover of over Rs 2 crore, the council has decided that the establishments will not be covered under PMLA. The GST council headed by Finance Minister, Arun Jaitley held a meeting in Delhi on October 6. During the meeting, some important decisions were revealed.

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Earlier the government has made the PAN card compulsory for the purchase of jewellery to avoid the illegal cash flow. By removing such a restriction, the government is somehow giving an invitation to the illegal activities.

After much speculations, the council has finally decided to increase the revenue threshold from the present Rs 75 lakh to Rs 1 crore for availing the benefit of the composition scheme. Many small business groups will be much relieved as they will now be able to pay a flat rate of 1%, 2% or 5% and avoid much-hated paperwork.

During the 22nd discussion of GST council had everybody hold their breath while waiting for some positive reforms in the tax rates though, the council major focus of the meeting was clearing out the administrative and procedural issues to make the process simple for business possessors.