Petra Will Charge Indian Clients More Due to Indian Online Sales Tax

Rough Market
24/08/2020 16:33

In a communication to its clients, Petra Diamonds has announced it will be charging its India-based clients an additional 2.041% on purchases through its Online Bidding Platform as well as on purchases made through Petra's other branches (Petra Diamonds Ltd and Petra Diamonds Belgium). In the letter, Petra Diamonds' CFO Jacques Breytenbach clarifies that the implementation of the Equalization Levy (EL) and the impact on sales is still highly unclear, which is why Petra will charge the additional levy and keep the money separate. If the EL should not apply to the sales clients will receive a refund of the surcharge.