Gems, jewellery industry urges govt to reduce GST to 1.25% on bullion, ornaments

The gems and jewellery manufacture connected Thursday urged the authorities to rationalise the Goods and Services Tax connected bullion and ornaments by slashing it to 1.25 per cent to boost sales. The jewellery manufacture has been burdened with precocious taxation rates, negatively impacting businesses and encouraging unregulated trade.

"We petition the GST Council and acrophobic authorities to reconsider and rationalise the GST complaint to 1.25 per cent from the existent 3 per cent, ensuring sustainable maturation for the manufacture portion maintaining a robust taxation base," All India Gem and Jewellery Domestic Council president Rajesh Rokde said successful a statement.

Further explaining, Rokde said, a halfway rule of GST determination was gross neutrality, ensuring that taxation levels stay equivalent to pre-GST rates and based connected the past indirect taxation structure, the revenue-neutral complaint for the gems and jewellery manufacture should beryllium 1.25 per cent, not the existent 3 per cent.

Lowering the GST would promote home manufacturers, boost occupation creation, and presumption India arsenic a planetary hub for jewellery making, helium added.