Current context: The Finance Ministry has exempted jewellery and gems taken out from India for exhibition from IGST
a. God/Goddess monuments
b. Inscriptions
c. Gem and Jewellery
d. Geographical Indication (GI) Products
e. c and d
- Till now, IGST was levied on gem and jewellery taken out of India for exhibition or consignment purpose and was considered as reimport when bought back into the country
- To correct the anomaly, several representations were made by the Gem and Jewellery Export Promotion Council and the industry
- On the demand of the council, the finance ministry announced not to levy IGST on gem and jewellery taken out of the country for exhibition purpose
About IGST:
- IGST means Integrated Goods and Service Tax, one of the three categories under GST (CGST, IGST, and SGST) for Inter-State supply of goods & services
- IGST has provisions under Integrated Goods and Service Tax Act 2016
- IGST is charged on goods and services moved from one state to another
- Under the IGST model, the centre levy tax at a rate approximately equal to CGST+SGST
- It is a destination-based tax and will accrue to the importing state
Question:
Q.1 Finance Ministry has exempted which goods among the following from IGST when taken out from India for exhibition and bought back?a. God/Goddess monuments
b. Inscriptions
c. Gem and Jewellery
d. Geographical Indication (GI) Products
e. c and d
