IBJA wants commodity exchanges to be outside GST ambit of eMarketplaces

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 depo…