An overview by Economic Laws Practice, Taxand Global Member in India
Our Indian firm Economic Laws Practice (ELP) has collaborated with The Gem & Jewellery Export Promotion Council (GJEPC) on the publication of a Standard Operating Manual for the gold jewellery industry.
The Indian Gem and Jewellery Industry has become one of the most significant industries of the Indian Economy due to its immense contribution in India’s manufacturing output, exports and providing employment to millions of people. The manual, the first of its kind, addresses the general compliances and a standard procedure for business operations which are required to be undertaken by the gold jewellery industry from the perspective of the legislations encompassing the following subjects: Customs Law, Foreign Trade Policy, Goods and Services Tax Laws, Income Tax Laws and Hallmarking Laws, and with a view to facilitate the gold jewellery manufacturing industry and to make SMEs engaged in this industry self-sufficient.
In the preface of the Guide, Nishant Shah, Senior Partner at Economic Laws Practice, comments: “The Gems and Jewellery industry is unique from a number of aspects compared to other industries in the manufacturing sector. Each item produced by this industry is different from the other and there cannot be a standardisation expected or implemented for this industry. Having said so, it cannot be denied that members of this industry are located and operate from the remotest part of the country, catering to every stratum of the population.
“The introduction of GST jointly with the requirement for adopting a large-scale digitisation, has entailed the need for businesses to be well aware of not only the compliances to be carried out but also the legislative diktat which mandates such compliances. In a welcome move, GJEPC commissioned the creation of a Standard Operating Procedures (SOP) Manual that would provide in simple terms the compliance requirements to be undertaken by the industry members for their various complex transactions.”
Read the full Guide “The Gold Jewellery Industry SOP” here.
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