No PAN card required for jewellery purchase of above Rs 50, 000
New Delhi: Providing a big festive cheer for the sector and potential customers, government on Friday revoked GST notification on gems and jewellery stating that PAN card will no longer is mandatory on the purchase of jewellery for over Rs 50,000.
The decision was taken at the crucial meeting of the GST Council on Friday.
Jewellers will also not be required to inform authorities about jewellery purchases of over Rs 50,000 after the government rescinded a notification issued on August 23.
Offering further respite to Jewellers, the meeting further concluded that any entity dealing in gems, jewellery and other high-value goods that have a turnover of Rs 2 crore or more in a financial year will not be covered under PMLA.