1. Aadhaar card, PAN card no longer needed for jewellery purchase above Rs 50,000, GST Council decides

Aadhaar card, PAN card no longer needed for jewellery purchase above Rs 50,000, GST Council decides

In a bid to give some relief to jewellers, the government on Friday decided to revoke the notification that extended provisions of the Prevention of Money Laundering Act, 2002 to jewellery purchases.

By: | Published: October 6, 2017 8:01 PM
Aadhaar card, PAN card, pan not needed for jewellery purchase above Rs 50,000, GST Council meet The government need not be informed on jewellery purchase of over Rs 50,000.

Good news for jewellers. Now PAN card and Aadhaar card are not needed for jewellery purchases above Rs 50,000, according to ANI. In a bid to give some relief to jewellers, the government on Friday decided to revoke the notification that extended provisions of the Prevention of Money Laundering Act, 2002, (PMLA) to jewellery purchases. Also, the government need not be informed on jewellery purchase of over Rs 50,000. This means that jewellers will not have to report data on buyers to the Financial Intelligence Unit. The decision was taken at the crucial GST Council meeting today.

In a slew of measures to provide relief to exporter hit hard by the implementation of Goods and Services Tax, the GST Council today decided to bring in an e-wallet facility after six months to speed up their refund claims, council member and Kerala Finance Minister Thomas Isaac said. Further, the government has also decided to exempt exporters from IGST for next six months, Thomas Isaac said on the sidelines of the crucial GST Council meeting underway in New Delhi.

Exporters need to pay IGST on import of their inputs, and claim refund from the government under rules. The transitional credit refund claim by taxpayers in the first month of July was staggering Rs 65,000 crore, including thousands of crores of rupees from exporters. The government estimated that only Rs 12,000 crore as valid. Rest of the amount is under scrutiny, which has made exporters nervous.

Exporters fear that if the GST refund of about Rs 65,000 crore does not start flowing immediately, it would get stuck and, further deteriorate their liquidity situation. The industry representatives, including exporters, who met Finance Minister Arun Jaitley last week raised this issue. An ‘e-wallet’ facility will allow exporters to get tax credit immediately after self-declaration post exports.

Thomas Isaac also confirmed that the GST Council has decided to raise the revenue threshold under the composition scheme to Rs 1 crore from Rs 75 lakh at present. This is expected to bring big relief to many more small businesses, who will have the convenience of paying a flat rate of 1%, 2% or 5%, and avoid a lot of paperwork. Albeit, this might also come as a disappointment to many, as it was being widely speculated that the limit would be raised to Rs 1.5 crore in today’s meeting.

  1. U
    unnikrishnan
    Oct 8, 2017 at 5:18 pm
    What kind of headng is this? Does it mean that Aadhar card is needed for gold purchase below rs 50000?
    Reply
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      antony george
      Oct 7, 2017 at 10:58 am
      Previously you had to submit PAN or Aadhaar to buy gold more than 50k. Now, no need to submit PAN or Aadhaar for buying gold up to Rs. 2 lakh. Who benefits from this? Acche din for jewelers and for rich people buying gold with black money. And Andh bhakths will down vote me for stating this fact.
      Reply
      1. R
        Reader
        Oct 6, 2017 at 9:02 pm
        The Supreme Court is yet to take a decision on the validity of Aadhaar and whether the State can compulsorily link Aadhaar to various programs and all financial transactions. On 24 August 2017, a nine-judge Consti-tution Bench of the Supreme Court ruled against the Central Government to declare that privacy is a fundamental right under the Consti-tution of India. The Supreme Court is set to hear peti-tions challenging the validity and other aspects of Aadhaar in the first week of November 2017.
        Reply
        1. R
          Reader
          Oct 6, 2017 at 9:01 pm
          A centralized and inter-linked biometric database like Aadhaar will lead to profiling and self-censorship, endangering freedom. Personal data gathered under the Aadhaar program is prone to misuse and surveillance. Aadhaar project has created a vulnerability to identi-ty fraud, even identi-ty theft. Easy harvesting of biometrics traits and publicly-available Aadhaar numbers increase the risk of impersonation, especially online and banking fraud. Centralized databases can be hacked. Biometrics can be cloned, copied and reused. Thus, BIOMETRICS CAN BE FAKED. High-resolution cameras can capture your fingerprints and iris information from a distance. Every eye hospital will have iris images of its patients. So another person can clone your fingerprints and iris images without your knowledge, and the same can be used for authentication. If the Aadhaar scheme is not stopped by the Supreme Court, the biometric details of Indians will soon be available for s-ale.
          Reply
          1. R
            Reader
            Oct 6, 2017 at 9:01 pm
            UK’s Biometric ID Database was dismantled. Why the United Kingdom's biometrics-linked National Identi-ty Card project to create a centralized register of sensitive information about residents similar to Aadhaar was scrapped in 2010?? The reasons were the massive threat posed to the privacy of people, the possibility of a surveillance state, the dangers of maintaining such a huge centralized repository of personal information, and the purposes it could be used for, and the dangers of such a centralized database being hacked. The other reasons were the unreliability of such a large-scale biometric verification processes, and the ethics of using biometric identification.
            Reply
            1. R
              Reader
              Oct 6, 2017 at 9:00 pm
              The US Social Security Number (SSN) card has NO BIOMETRIC DETAILS, no photograph, no physical description and no birth date. All it does is confirm that a particular number has been issued to a particular name. Instead, a driving license or state ID card is used as an identification for adults. The US government DOES NOT collect the biometric details of its own citizens for the purpose of issuing Social Security Number. The US collects the fingerprints of only those citizens who are involved in any criminal activity (it has nothing to do with SSN), and the citizens of other countries who come to the US.
              Reply
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