Industry Proposals Discussed with GoI Official

Indian-GovtMumbai: On Saturday, November 29th, a delegation comprising members of the GJEPC and a BDB representative met with Joint Secretary, Department of Commerce, GoI.

A presentation on the Bharat Diamond Bourse; and a comprehensive one on the Indian gem & jewellery industry were made to Dr. Mohapatra.

The delegation had a detailed discussion on Presumptive Taxation, a long-time demand of the industry. SEZ policy was also focused upon during the meeting. Two important suggestions from the industry delegation were: removal of MAT (Minimum Alternative Tax) which is currently applicable to SEZ units; and introduction of one- window clearances for SEZ units.

The representatives emphasized that the industry was willing to be fully compliant; however, there are currently about 20 different departments which have to be complied with separately, which proves to be burdensome for the companies operating in SEZs. They also suggested that central and state governments function in tandem so that all clearances could be made available on a single platform, preferably an e-platform.

The Government of India is currently very keen to revive SEZs so that manufacturing and exports out of there would receive a boost. The GJEPC had commissioned Accenture, a renowned consulting firm to conduct a study and propose steps needed to revive SEZs, which had earlier been submitted to the GoI as well.