CHENNAI: The gems and jewellery industry heaved a sigh of relief after the Ministry of Finance announced that no IGST would be levied on gems and jewellery carried outside the country for exhibition purpose. The exemption comes into effect after several representations made by the trade and industry to the Ministry of Finance.
A statement from the Centre has clarified that the activity of sending or taking the goods out of India for exhibition or on consignment basis for export promotion does not constitute supply as the said activity does not fall within the scope of section 7 of the CGST Act.
Pramod Kumar Agrawal, Chairman, Gem and Jewellery Export Promotion Council (GJEPC), said, “The entire gem & jewellery industry is thankful to the government for coming up with this trade-friendly step as this will further boost the promotional activities globally. The move will definitely provide respite to our member exporters.”