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RSM Astute Consulting Holds Session on Gems, Jewelry Industry

Feb 17, 2013 11:39 PM   By RSM Astute Consulting
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Press Release: RSM Astute Consulting Group organized a session on certain tax and regulatory aspects of gems and jewelry industry in India and Belgium at Bharat Diamond Bourse (BDB) on February 15, 2013.

Suresh Surana (pictured), the founder of RSM Astute Consulting Group, welcomed the guests and provided a broad outline of the tax and regulatory challenges being faced by the gems and jewelry industry in India and the importance of Belgium to the industry.

Major developments on the regulatory and banking front in Antwerp were discussed at the session. Antwerp is the trading hub of diamond industry and there have been certain major developments in Belgium on the regulatory and banking front.

Luc Toelen, the managing partner at RSM Belgium, and the auditors for several large groups such as Diarough and Arjav, were the guest speakers at the event. Toelen provided an update on “Gem and Jewelry Industry in Belgium – Tax & Banking Aspects."

K. H. Viswanathan, the director at RSM, and Narendra Soni, a consultant with RSM, discussed the new service tax regime as applicable to the gems and jewelry industry - Reverse Charge mechanism, negative list and benefits for Special Economic Zone (SEZ) units.

Rukshar Sidhwa, a senior consultant at RSM Astute Consulting, spoke on certain relevant aspects of India’s domestic transfer pricing regulations.

In India, the new Service Tax regime took effect on July 1, 2012 and several diamond companies have been issued notices under the Reverse Charge mechanism for services availed by them. Furthermore, the ambit of Transfer Pricing has been extended to specified domestic transactions from the financial year 2012-13, which could have far reaching implications for the industry.

RSM Astute Consulting Group, with its deep understanding of the gems and jewelry industry and a team of over 1,000 personnel, provided the necessary insights into these regulations and developments as applicable to the industry in India.

Rapaport News is not responsible for, and does not endorse, the content of any press release. Press releases are not written by us and are provided only as additional information for our clients.
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Tags: Antwerp, Belgium, diamond, gems, India, Jewelry, RSM, RSM Astute Consulting, Service Tax, Transfer Pricing
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