Due to lack of information about the demonetization in India and taking into account the need to raise awareness of their members, the Regional Council for the promotion of exports of gems and jewelery Bureau (Gem & Jewellery Export Promotion Council, GJEPC) organized in Surat seminar on "demonetization and opportunities for gems and jewelry industry. " The seminar was held December 13, 2016 in the Indian Diamond Institute (Indian Diamond Institute), about 400 people took part in it.
Welcoming the guests, Dinesh Nawada (Dinesh Navadiya), head of GJEPC department of Gujarat, said that the aim of the seminar is to provide proper guidance and informing members of the jewelry trade of the decision of the authorities of demonetization, as well as how it can be transformed into a new opportunities for the industry. According to him, it is very important to small traders, brokers, business owners have started to work in a legal format. Nawada said that work according to the new rules and to make payments through banks is much safer and more profitable than doing it disorganized. He added that the current situation is good, it brings security and new opportunities rather than a threat.
In his address to the audience Govindbhay dholak (Govindbhai Dholakiya), founder and chairman of Shree Ram Krishna Exports, argued that the progress and success can not be achieved, while in the comfort zone. He said that the current situation opens up new possibilities and should be treated with a positive attitude. He warned that unscrupulous dealers have no future, and asked the members of the industry to adopt best practices and to limit themselves outside the law, which will allow them to grow and succeed.
Explaining the financial specifics of the new law, Nirav Johann (Nirav Jogani), Deputy Chairman of RSM Astute Consulting, said that trade members must understand the structure of the tax on net income after all expenses and deductions, instead of the tax on turnover.
According to him, representatives of the jewelry industry need to understand and plan for such investment income and a way to pay the minimum amount of tax.
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Export Promotion Council of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) convened a meeting of the All India jewelers in Mumbai on April 26, following which a committee was formed of 20 representatives of all the major trade associations. The purpose of this committee will be to ensure coordinated efforts of industry in the excise tax issue on the jewelry. More than 60 jewelers representing 4 major Indian companies in this segment, and 11 state associations, participated in the meeting.
Committee formed GJEPC, Indian Association of gold and jewelers (Indian Bullion and Jewellers Association, IBJA ), All India Federation of dealers in precious stones and jewelery (All India Gem & Jewellery Traders Federation , GJF) and others.
The Committee will work on a common message Ashok Lahiri (Ashok Lahiri), who heads the government's Sub-Committee on issues related to the excise duty.
Chairman GJEPC Pravinshankar Pandya (Praveenshankar Pandya) said: "All India Jewelers meeting ended with a positive attitude All groups jewelers decided to unite and create a national committee to find a solution to the problem of excise duty.".
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