IBJA wants commodity exchanges to be outside GST ambit of eMarketplaces

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The India Bullion & Jewellers’ Association (IBJA), which is seeking to set up a spot gold exchange, wants the GST Council to keep the platform out of the definitional ambit of Web marketplaces to make the proposed bourse economically and operationally viable. The law requires ecommerce operators, such as Amazon or Flipkart, to collect 1 per cent TCS (tax collected at source) and deposit the levy with a particular state for instate transactions, and with the Centre for interstate deals.

Experts believe that unless the council were to clarify otherwise, the proposed exchange and other commodity derivatives platforms qualify to be treated as ecommerce operators. IBJA argues that being bracketed together with a Web marketplace would make the proposed exchange, expected to help India emerge as a gold price-setter instead of a price-taker, operationally unviable.

Read More at: https://economictimes.indiatimes.com/markets/stocks/news/ibja-wants-commodity-exchanges-to-be-outside-gst-ambit-of-emarketplaces/articleshow/66311150.cms

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