Finlawgical Risk Advisory

A shining future: The road ahead for the Indian jewellery industry
Covid-19 has changed the way we look at things. Not only has the global pandemic affected our lives in unimaginable ways, but also impacted our habits - from work to shopping, every avenue possible has taken a blow. While the world is weathering an economic crisis, with nations building respective strategies to sail through, the

jewellery industry
has also slowed down. But, if there has been an industry that has remained fluidic for many decades, it has been the gem and jewellery industry. Famines, floods and other natural disasters haven’t really been able to affect it greatly, as the demand for jewellery has always existed and the artisans and jewellers have always pushed themselves harder to meet the demand. So, what lies ahead for the industry that has survived all odds and proved to be the phoenix rising from the ashes? We got in touch with the industry biggies to know what the future holds for the jewellery industry and here’s what they had to say.

According to Anand Shah of Anand Shah Jewels, the future of jewellery in India definitely looks promising as it has come a long way. “From considering gold as a mere investment to holding dignity in owning precious jewels, our country has evolved to a great extent. With changing times, we have witnessed different trends in the jewellery industry, only to desire for more. Be it the special occasions like weddings or auspicious days like ‘Akshay Tritiya’ etc, jewellery makes it a complete affair,” says Shah, who feels the trend will continue for eternity.

Like any other industry, business of the jewellery industry has also got affected by the unexpected pandemic but industry insiders feel this is a temporary phase which will end soon.

Source -TOI

GST or the Goods and Services Tax is a statute implemented on 1st July 2017 with the motive to have a nationwide single tax structure governing the transactions related to goods and services wherein, taking a revolutionary move, the introduction of GST as an indirect tax replaced almost all the central and state indirect taxes, such as VAT, Service tax, Excise duty, etc.

GST compliances and procedures

GST requires regular compliances and procedures to be followed by those coming under its ambit.

The procedures to be followed listed down inclusively as below:

Enrollment related compliances
Invoicing related compliances
Returns related compliances
Other compliances
Registration compliances:

The registration part is the foremost compliance under GST is registration. It is a turnover based compliance wherein, any person who has a turnover exceeding Rs 40 lakh in goods and Rs 20 lakh in services in the previous financial year needs to get registered in the GST regime and thus, start following other compliances as a registered supplier.

Invoicing related compliances:

Any person registered in GST needs to then follow other compliances in which one of the daily procedures is invoicing.

Every registered dealer under GST needs to be compliant with certain details while issuing a tax invoice which lists down as under:

Invoice number and date
Customer name
Shipping and billing address
Customer and taxpayer’s GSTIN (if registered)**
Place of supply
HSN code/ SAC code
Item details i.e. description, quantity, unit, the total value
Taxable value and discounts
Rate and amount of taxes
Whether GST is payable on a reverse charge basis
Signature of the supplier
The above details are mandatory in a GST invoice to ensure compliance.

Returns related compliances

The filing of return is one of the most important things in compliance under the GST. GST law registered dealer, needs to file a statement of the transactions of the business i.e. returns on a monthly/quarterly/annual basis (As applicable on the dealer registration nature).

The major forms of these returns and applicability are:

GSTR-1 is the return to be furnished for reporting details of all outward supplies of goods and services made.
GSTR-3B is a monthly self-declaration to be filed, for furnishing summarized details of all outward supplies made, input tax credit claimed, tax liability ascertained and taxes paid. It is filed by all taxpayers registered under GST.
GSTR-9 return is filed annually by taxpayers under GST having turnover of over Rs 2 crores in the financial year, containing details of outward sales supplies made, inward purchase supplies received during the previous year under various tax heads along with details of taxes payable and paid. It is a consolidation of all the monthly or quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed during that year.
GSTR 9C is proposed for abolishment in the Finance Budget for 2021. It was a reconciliation statement between the returns filed and the financial statements of the registered dealer having a turnover of more than Rs 5 crore.

Other compliances under GST – Some other compliances followed according to the nature of their business are:

EWay Bill- It is an Electronic Waybill for the movement of goods. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs 50,000 (Single Invoice) without the cover of an e-way bill.

Payment of tax- A person who has a liability to pay tax on his outward supplies/sales needs to pay the taxes while filing the return GSTR 3B monthly or quarterly as applicable.

NOTE- Don't worry our team help you completed all that Compliance on nominal Cost

Hurry Up ! 31st May is last date of Filing ITR for A.Y 20-21 . It is an Last Chance For filing last year ITR

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