On August 28, 2024, the Gem and Jewellery Export Promotion Council (GJEPC) met with Raman Chopra, Joint Secretary of the Central Board of Direct Taxes (CBDT), in New Delhi to extend their appreciation for recent tax reforms announced in the Union Budget 2024. 

The GJEPC expressed their gratitude for the introduction of the Safe Harbour Rule, which simplifies taxation on diamond sales within Special Notified Zones (SNZs) for foreign miners. Ajesh Mehta, Convener of the Diamond Panel at GJEPC, commended Chopra for this significant reform, which addresses a longstanding industry concern. Additionally, Mehta applauded the abolition of the Equalisation Levy, a tax previously applied to certain international digital transactions, marking another key demand met by the government.

These reforms are seen as major victories for the Indian gem and jewellery industry, aligning with GJEPC’s ongoing efforts to improve industry conditions.

GJEPC, CBDT, Joint Secretary, Raman Chopra, tax reforms, Union Budget 2024, Safe Harbour Rule, Equalisation Levy, Special Notified Zones (SNZs), diamond sales, foreign miners, Ajesh Mehta, industry demands, Indian gem and jewellery industry.