The Government of Rajasthan has reduced the rate of composition fees on Gems stones and Jewellery from the proposed 0.75% to 0.50% of the Turnover for the F. Y. 2015-16.
During the preceeding F. Y. 2014-15 the rate of composition fees was Rs. 500/- for every Rs. 2 Lakhs (or part thereoff) of Turnover which was proposed to be increased to Rs. 1500/- for every Rs. 2 Lakhs (or part thereoff) in the Rajasthan Budget, 2015.
After representation by the Jewellers Association and other trade bodies the Government has reduced the proposed hike from 0.75% to 0.50%. The applicable rate of Composition Fees will be Rs. 1000/- for every Rs. 2 Lakhs (or part thereoff) of Turnover.
The notification of the said amendment is pending to be released by the government.