Jewellery Industry Calls for GST Cut to Boost Growth

The gems and jewellery industry has urged the government to reduce the Goods and Services Tax (GST) on bullion and ornaments to 1.25% from the current 3% to enhance sales. Industry leaders believe that high taxation hampers growth and promotes unregulated trade, affecting sustainable industry development.

The jewellery industry has appealed to the government for a reduction in Goods and Services Tax (GST) on bullion and ornaments, aiming for a decrease to 1.25% to accelerate sales and bring relief to the sector.

Industry leaders argue that the current rate of 3% burdens businesses, stifles growth, and encourages unregulated trade, urging the GST Council and relevant authorities to consider a rational tax rate adjustment.

All India Gem and Jewellery Domestic Council chairman Rajesh Rokde emphasized that a 1.25% rate aligns with the revenue-neutral principle, promoting domestic manufacturing, job creation, and positioning India as a global jewellery hub.