No PAN, Aadhaar details for jewellery above Rs 50,000: GST council

The GST council meet chaired by Finance Minister Arun Jaitley on Friday mentioned that permanent account number (PAN) or Aadhaar would not be mandatory if jewellery is purchased above Rs 50,000. 

As per the council, if a person is buying jewellery above Rs 50,000 will not be required to submit thier PAN or Aadhaar card details. 

It further added any entity dealing in gems or jewellery or any other high-value goods having turnover of Rs 2 crore or more will not be covered under PMLA. 

Prevention of Money Laundering Act, 2002 is an Act of the Parliament of India enacted to prevent money-laundering and to provide for confiscation of property derived from money-laundering.

News agency ANI tweeted saying "Govt revokes GST notification on gems and jewelry, separate notification to be issued separately after due consideration."

#FLASH Govt revokes GST notification on gems and jewelry, separate notification to be issued separately after due consideration. pic.twitter.com/Y2ZHMUn9CT

— ANI (@ANI) October 6, 2017

As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3% from 1.2% previously.

GST India on its official website had earlier mentioned, "A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up an appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery."

However, currently, the 12-digit Aadhaar code is not only necessary for availing various schemes in India but also an important source for carrying out financial matters like opening bank accounts or filing taxes.