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No PAN card required for jewellery purchase above Rs 50,000

The government on Friday scrapped GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000

BT Online        Last Updated: October 6, 2017  | 20:46 IST
No PAN card required for jewellery purchase above Rs 50,000

The government on Friday scrapped GST notification on gems and jewellery stating that PAN card will no longer be mandatory on the purchase of jewellery for over Rs 50,000, ANI reported

Also, government need not be informed on jewellery purchase of over Rs 50,000, which means that jewellers will not have to report data on buyers to Financial Intelligence Unit, it said.

The government rolled back the previous notification, according to which dealers in precious metals, precious stones and other high value goods were notified as persons carrying on designated business and professions under the Prevention of Money Laundering Act, 2002.

The decision was taken at the 22nd GST Council meeting on Friday.

 

 

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