The Indian ministry of shipping is believed to have finalised a draft note on the...
Thanks to the mutual fund lobby, your old distributor keeps getting commission off your...
The two industry bodies have strongly objected to two key issues of DTC, which include search and seizure provisions and 10% TDS on all payments
The national body for jewellery trade the All India Gems & Jewellery Trade Federation (GJF) and apex industry body Gems and Jewellery Industry (GJI) have opposed the proposed Direct Taxes Code (DTC), reports PTI.
Both the industry bodies have also made representations to the finance ministry to seek modifications in the DTC.
According to All India Gems & Jewellery Trade Federation chairman Vinod Hayagriv, "GJF strongly objects to two key issues of DTC, which include search and seizure provisions and 10% tax deducted at source (TDS) on all payments."
"GJF has more than 300,000 manufacturers, wholesalers and retail jewellers in India, which are already reeling under the effects of global recession. If our suggestions are not considered and necessary changes are not incorporated in the DTC, the proposed provisions will be highly detrimental to the operations of the assesses of the GJI and have the potential to adversely affect the very sustenance of such assesses," he added.
The seizure of such stock-in-trade of jewellery, bullion and precious stones would create great difficulties for the assesses of the GJI as it would result into cessation of their manufacturing operations resulting into loss of sales and break down of their entire business activity.
This is discrimination towards a single industry, such extreme measures are not applied in any other industry, so far. In case the amendments are not made in time, GJF shall call for a nationwide bandh (strike) and stall activities across the country, he said.
"We also strongly oppose deduction of 10% tax on all payments made for gold, diamonds, jewellery etc," former chairman All India Gems and Jewellery Trade Federation Ashok Minawala said.