Gems and Jewellery Industry Seeks GST Reduction to 1% Ahead of Union Budget

Ahead of the Union Budget, the Gems and Jewellery Export Promotion Council (GJEPC) has requested the government to reduce the Goods and Services Tax (GST) rate on gems and jewellery products to 1%. Currently, the industry is subject to a higher GST rate, which stakeholders claim is detrimental to exports and the overall competitiveness of the sector. The industry argues that a reduced GST rate would encourage greater demand and support the growth of India’s gems and jewellery exports, especially in international markets. The GJEPC has also urged the government to address issues related to high tax compliance burdens faced by small and medium-sized enterprises in the sector.