Government on Friday revoked 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.

The decision was taken at the crucial meeting of the GST Council today.

Offering further respite to Jewellers, the meeting further concluded that any entity dealing in gems, jewellery and other high-value goods that has a turnover of Rs 2 crore or more in a financial year will not be covered under PMLA.

In August, the Finance Ministry amended the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 to make the Directorate General of Goods and Service Tax Intelligence (DGGSTI) the regulator with respect to the gems and jewellery sector.

Under PMLA, every reporting entity was required to maintain a record of all transactions of value exceeding Rs 10 lakh, all cross border wire transfers of more than Rs 5 lakh and all purchase and sale of immovable property of Rs 50 lakh or more.

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.

A separate notification on this will be issued separately after due consideration. #casansaar (Source - ZeeNews)