PAN, Aadhaar Not Needed to Buy Gold and Jewellery Over Rs 50,000
The notification from August was revoked and will be re-issued after due consideration.
On Friday, the BJP-led Central government decided to revoke the GST notification on gems and jewellery issued in August.
Under that notification, any sale of gold above Rs 50,000 required customers to furnish Know Your Customer (KYC) documents to the jeweller, and file certain returns. It was feared to have an adverse impact on the sale of gold jewellery.
The government decided on Friday that a separate notification will now be issued separately after due consideration. In effect, any person buying jewellery above Rs 50,000 will not be required to submit their PAN or Aadhaar details for now.
The decision was taken by the GST council at its 22nd meeting – chaired by Finance Minister Arun Jaitley.
After the GST roll out in July, the government had notified in August that the PMLA will be applicable on the jewellery industry.
Now, any entity dealing in gems, jewellery or any other high-value goods with a turnover of Rs 2 crore or more in a financial year will not be covered under the Prevention of Money Laundering Act (PMLA).
(With inputs from ANI)
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