In an official meeting with Telangana Finance Minister Etela Rajender, the delegates of All India Gems & Jewellery Trade Federation (GJF), demanded that Goods and Services Tax (GST) on jewels should be capped at 1.25 percent.
During the session, the Federation members also remained Mr Rajendra that gems and jewels business all over the country contributes 6 percent to the GDP with the annual turnover of nearly INR 3 Lakh Crore. Besides demanding fixed GST rate on finished gems and jewellery product, the delegates also requested the Finance Minister to take the matter at the Central level.
In the response to the meeting, the Telangana Finance Minister assured that the trades in gems and jewels business will be smooth after implementing the Goods and Services Tax. The minister also advised the traders to pay taxes on time and warned against taking illegal ways for tax evasion.
