Moneycontrol
Last Updated : Jan 19, 2018 11:14 AM IST | Source: CNBC-TV18

Cashflow will improve for the company due to reduced GST rate: Gitanjali Export

Goods and Services Tax (GST) rates on diamonds and precious stones have been cut to 0.25 percent from 3 percent. In an interview with CNBC-TV18, Sanjeev Agarwal, CEO of Gitanjali Export Corporation spoke about the latest happenings in his company and sector.

CNBC TV18 @moneycontrolcom

Goods and Services Tax (GST) rates on diamonds and precious stones have been cut to 0.25 percent from 3 percent. In an interview with CNBC-TV18, Sanjeev Agarwal, CEO of Gitanjali Export Corporation spoke about the latest happenings in his company and sector.

Reduction of GST will reduce the working capital requirements and it brings rationalisation on the GST rate on the import front and the processing front, he said.

85 percent of the imported diamond is cut, polished and re-exported. This rationalisation will improve things in terms of cash flows, he added.

The whole policy on gold duty reduction is based on the fact that India can also become the largest market share holder of exports of gold jewellery, said Agarwal.

The investment demand for gold in terms of bars has been coming down, he further mentioned.

For full interview, watch accompanying video...
First Published on Jan 19, 2018 11:14 am

tags #Business

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