The Indian gems and jewelry industry has urged the government to reduce the Goods and Services Tax (GST) on bullion and ornaments from the current 3% to 1.25% to stimulate sales and curb unregulated trade.
“The high taxation rates have placed a heavy burden on the jewelry industry, negatively affecting businesses and encouraging unofficial trade channels,” said Rajesh Rokde, Chairman of the All India Gem and Jewellery Domestic Council, in a statement.
He emphasized that lowering the GST rate would ensure sustainable industry growth while maintaining a strong tax base. “We request the GST Council and concerned authorities to reconsider and rationalize the tax structure to support the sector,” Rokde added.
Highlighting a key principle of GST, he pointed out that tax rates should be revenue-neutral, ensuring fair taxation without hampering business operations.
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