The Gem and Jewellery Export Promotion Council gathered together jewellers to train them on changing goods and service tax regulations and enable them to get the best out of GST refunds.
On September 8, the GJEPC hosted a webinar with a group of over 124 jewellers, the traders’ body announced on its website. The online event featured speakers including economic law firm ELP partner Nishant Shah and associate partner Pranav Pagari, who briefed the jewellers on what they have to do this September to avoid the loss of GST credit.
This month, jewellery businesses must complete the reversal of Input Tax Credit, the rectification of GST return errors, and cross charging among other activities. For the GST audit for the 2021 financial year, jewellery businesses must comply with the GST Audit self-certification, applicability, and availing input tax credit, the speakers told the jewellers.
With the new GST regulations, businesses will no longer have employ an auditor to certify their reconciliation statement in Form GSTR-9C and will now be able to self-certify for the 2021 financial year. This will cut costs for businesses still working to recover from the economic effects of the Covid-19 pandemic.
The webinar also gave jewellery businesses guidance on how to correctly avail GST refunds. By walking the businesses through their necessary year end preparations, the speakers have them the tools to get the most our of the refund system.
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