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No need for PAN card for jewels purchased worth above Rs 50,000
Posted on: 07/Oct/2017 2:05:49 PM
On Friday, the government scrapped GST notifications on gems and jewelry claiming that henceforth PAN card will not be mandatory for buying jewels worth above Rs 50,000.
Further, the government shall not be notified with every jewel purchase made above Rs 50,000. In other words, the jewelers need not report buyer data to the Financial Intelligence Unit.
This move has relieved all the gem and jewel dealers from Prevention of Money Laundering Act in the GST council meeting held yesterday.
All the previous notifications are thus rolled back as per which the dealers of precious metals, stones and other high priced goods were intimated that individuals carrying designated business and professions according to the Prevention of Money Laundering Act, 2002.
This move to get rid of the Prevention of Money Laundering Act with jewelry and gems may be a move taken ahead of upcoming Gujarat polls.
In the 22nd GST Council meet held yesterday, this decision was taken.
