Jewellery exporters come under scanner

16-11-2016 15:35 PM

AOJ E-NEWS : The Centre is reported to have quietly initiated a check on possible over-invoicing by jewellery exporters. The move assumes significance in the wake of the recent withdrawal of Rs.500 and Rs.1,000 notes.

Sources said the move was intended to find out whether there was any misuse of export-linked gold import policy. Highly-placed sources pointed to the possibility of “accommodation in export transactions” between parties to avail the gold import benefits.

Since gold import benefits are linked to exports, the authorities are looking into whether jewellers indulged in unfair practices to boost exports. Gold imports fell to 950 tonnes in 2015-16, a drop of about 10 per cent from 1,050 tonnes in the previous year. Nevertheless, gold imports have been a major source of worry for policy planners as the yellow metal has been the biggest foreign exchange drainer for the country.

Tax authorities are probing whether the jewellers deliberately split sales into sub-Rs.2-lakh values to obviate the need for quoting PAN immediately after the announcement of the ban on Rs.500 and Rs. 1,000 notes. Authorities are said to be vetting the sales details of jewellers during the hours immediately following the ban.

Courtesy: The Hindu

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