Quick Summary
The All India Gem and Jewellery Domestic Council (GJC) has urged the government to reduce Goods and Services Tax (GST) on the sector from the current 3% to 1% on a revenue equivalence ratio. The appeal comes ahead of the Union Budget, with the aim of easing cost burdens and encouraging compliance within the industry. In a statement on Tuesday, the GJC Chairman emphasized the need for tax rationalization and increased access to finance to support the sector. Highlighting the challenges posed by
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FAQ :
The current GST rate for the gems and jewellery sector is 3%.
The GJC is requesting a reduction in GST to 1%.
The GJC wants the GST reduced to ease cost burdens for the industry and consumers, encourage compliance, and make jewellery more affordable, particularly in rural areas.
The GJC recommends a concessional GST rate for lab-grown diamonds, as they believe the current equal tax rate with natural diamonds does not reflect their differences.
The GJC has also reiterated demands for EMI options for jewellery purchases, a revamped Gold Monetisation Scheme, and the establishment of a dedicated ministry for the sector.
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