Jewellers opposed to mandatory PAN on purchase of Rs 2 lakh

Mumbai:  The All India Gems and Jewellery Trade Federation (GJF) today expressed dissatisfaction over the government’s decision to make PAN card mandatory on any transaction of Rs 2 lakh and above. “This is not practical and will discriminate 70 per cent of rural buyers, including farmers as they are not under tax net and do not have PAN cards. “We also urge the government to remove pan card requirement for jewellery sector and maintain status-quo on application of tax collected at source on sales of bullion on Rs 2 lakh and on Rs 5 lakh of jewellery”,GJF Chairman Sreedhar GV said, adding that there is also a need to reduce import duties on bullion, gems, jewellery and jewellery machineries.