Economy

No more PAN to buy jewellery above Rs 50000

No more PAN to buy jewellery above Rs 50000”

You will, for now, not be asked to furnish your PAN card while purchasing jewellery worth over Rs 50,000.

In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000.

The notification held dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002 (PMLA). Critical amongst these, were the requirement under Rule 9 of the PMLA Rules, whereby a reporting entity must verify the identity of its clients, via a KYC process, for every transaction of Rs. 50,000 or more (whether conducted as a single transaction or several transactions that appear to be connected).

News agency ANI tweeted saying "Govt revokes GST notification on gems and jewelry, separate notification to be issued separately after due consideration".

The decision was taken at the 22nd GST Council meeting on Friday. The limit of Rs 2 crore was to be calculated on the basis of the previous year's turnover, said the notification.

Earlier the government has made the PAN card compulsory for the purchase of jewellery to avoid the illegal cash flow. Exporters may be given relaxation in filing GST returns till March 2018.

The Group of Ministers, under Sushil Modi, set up to look into GSTN glitches is believed to have briefed the Council on the portal's functioning.

Businessmen with annual turnover less than Rs 20 lakh may be allowed to file the returns using a simple form.



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