Demand raised to examine ‘works of art & antiques
A demand has been raised to examine works of art and antiques, focusing on preservation, authenticity, and heritage conservation for future generations.
Demand raised to examine ‘works of art & antiques
Mumbai, Sep 05
Experts have urged the government to examine ‘works of art and antiques’ under the heading ‘IGST 18% to Nil’.
The recommendations of the 56th Meeting of the GST Council held at New Delhi on September 3, have given a significant boost to the Indian Art industry, by reducing the GST rate from 12 per cent to 5 per cent on paintings, sculptures, antiques and the like.
Talking to Bizz Buzz, Rishiraj Sethi, Director, Aura Art Development, says, “It has introduced a new term ‘Handicraft’, to bind implication of inclusion of ‘Works of art and antiques’ (covered under any Chapter of the Schedule) under the heading ‘IGST 18% to Nil’ needs to be examined.”
The explicit inclusion of ‘Handicraft’ in the descriptions for various HSN codes under Chapter 97, as well as its separate listing, appears to be an intentional effort to harmonise related to various HSN of Chapter 97. This approach gains particular significance given the subsequent mention of reducing IGST on “Works of art and antiques,” irrespective of chapter, from 18 per cent to Nil.
CA Nilesh Oza says, “We will have to wait for subsequent pronouncements from the GST Council regarding the practical application of these changes, which can clarify the operational contours of these changes and address ambiguities.”
EoM.
