The gem and jewellery division builds notable participation towards the country’s gross economy. Similar to that there was more experience from the last year’s budget this year too the profession is seeking positive results from the budget.
Allowing the present government to trust in motivating and enhancing the business running environment, we are hopeful that they will plead various conditions of the sector so that firms get advantages. Below are the mentioned expectations from Union Budget 2021-22.
Foreign tourists and nonresidents Indian (NRIs) who visit India are not investing in gold jewelry which they do not have done before because of no procedure to refund GST on their buyings for which they were said to avail. The Integrated Goods and Services Tax Act of 2017 permits a foreign national or an NRI who visits India to stay for some 6 months to avail of the GST refund
LBMA accredited is the only gold refinery in India. Also, its parent firm in Switzerland incorporated into the long term Dore bar supplies with big and developed mines. Thus the left small and medium Indian refiners are the only sources from small and artisanal mines which raises the supply risks.
The multiple rises in the import tax on the precious metals had resulted in gold coming in via countries like South Korea and Malaysia, to whom India has signed free trade agreements (FTAs), hence rises in the price arbitrage in the domestic markets.
The difference in the outcome in the official gold imported via banking channel and non-authentic imports is troubling manufacturers/retailers/bullion importing agencies/refiners along with other tax compliant business platforms. There is a disturbance created due to higher import duty which has developed by the government and created a nuisance among the manufacturers
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Hi,
I am an Irish citizen and have OCI card (NRI).
If I stay in India for 3-4 months and buy gold so paid GST is refundable?
How can I apply to refund the GST amount?
"Please contact to GST practitioner"
Hi, My name is Debabarata Chakraborty and I am NRI from Saudi Arabia. I have some LIC endowment plans and going to buy a term plan and being ccharged with GST. Can you please help me to understand if this GST is refundable for NRIs and if yes, how and what services I can avail from you?
Regards,
Debabrata
"Please contact to GST practitioner for the same"
Hi, My name is Aman Deep and I am NRI from Australia. I am buying an ICICI Pension plan from ICICI prudential and being charged 1.8% GST. Can you please help me understand if this GST is refundable for NRIs and if yes, how and what services I can avail from you?
Regards,
Aman