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NRIPage | Articles | Gems and Jewellery Sector Calls for 1% GST Reduction in Upcoming Budget | Get Best Tips and Tricks. Master Life with Useful Tips & Tricks - NRI Page
The gems and jewellery industry has made a strong plea to the government to reduce the Goods and Services Tax (GST) from 3% to 1% in the upcoming Budget. According to the All India Gem and Jewellery Domestic Council (GJC), this move would reduce the industry's growing cost burden, especially amid rising gold prices, and improve affordability for consumers, particularly in rural areas. Rajesh Rokde, Chairman of GJC, emphasized that such a reduction would also promote better tax compliance and expand the formal economy, increasing overall revenue collection.
The GJC has also called for a concessional GST rate for lab-grown diamonds, which are currently taxed at the same rate as natural diamonds. The council argued that lab-grown diamonds are more sustainable and cost-effective, warranting a lower tax rate.
In addition to tax relief, the GJC has requested the establishment of a dedicated ministry for the jewellery sector, with state-specific offices and a central minister to oversee the industry. Other key demands include the introduction of EMI options for jewellery purchases, a long-standing industry request, and a revamp of the Gold Monetisation Scheme to tap into idle household gold, boosting self-reliance and reducing imports.
