Gems, Jewellery industry bodies oppose proposed Direct Taxes Code

The national body for jewellery trade the All India Gems & Jewellery Trade Federation (GJF) and apex industry body Gems and Jewellery Industry (GJI) have opposed the proposed Direct Taxes Code. Both the industry bodies have also made representations to the Finance Ministry to seek modifications in the DTC.

According to All India Gems & Jewellery Trade Federation (GJF) Chairman Vinod Hayagriv, “GJF strongly objects to two key issues of DTC, which includes search and seizure provisions and 10 per cent TDS on all payments.”

“GJF has more than 300,000 manufacturers, wholesalers and retail jewellers in India, which are already reeling under the effects of global recession.