(29 Jan 2025, 17:35)

Gems and jewellery sector urges for reduction in GST from 3% to 1%

The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1% on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget. It seeks rationalisation of taxes and availability of finance to support business. With the continuously increasing gold rates, the current rate of GST is increasingly becoming a burden for the industry and end customers. Therefore, GJC is urging for a reduction in GST from the current 3% to 1% in the upcoming Budget, which will encourage compliance. The industry apex body has also noted that there is a need to introduce a concessional GST rate for lab-grown diamonds to fully recognise their sustainable and cost-effective attributes compared to natural diamonds.Currently, both natural and lab-grown diamonds are taxed at the same GST rate.

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Gems and jewellery sector urges for reduction in GST from 3% to 1%