Jewelry Industry Seeks Tax Relief, Proposes Lower GST on Bullion & Ornaments

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The Indian gems and jewelry industry has urged the government to reduce the Goods and Services Tax (GST) on bullion and ornaments from 3% to 1.25%, aiming to stimulate sales and support industry growth.

Industry leaders argue that the current tax rate burdens businesses, stifles expansion, and encourages unregulated trade. They have called on the GST Council and relevant authorities to implement a more balanced taxation structure that fosters sustainable development.

Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, stressed that lowering the GST to 1.25% aligns with the revenue-neutral principle. He believes this adjustment would boost domestic manufacturing, create jobs, and strengthen India’s position as a global jewelry hub.

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