Jewellery Trade Federation Seeks 1.25 Percent GST Rate

GST ahead upon its arrival demanding various industries to be vigilant in their case as in latest scenario, All India Gems and Jewellery Trade Federation (GJF) Chairman Sreedhar G V stated that, “We are now gearing up for GST and have proposed that the GST rate for the gems and jewellery sector should be 1.25 per cent if the government expects the industry to be compliant and organised.”

In this regard, a delegation of the jewelers’ body met the Maharashtra Finance Minister Sudhir Mungantiwar at Nagpur and applied for their demands with all their logic and conscience.

GJF Director and Member-High Level Committee (HLC) Ashok Minawala said, “The HLC Report, which was unanimously accepted by the government, was prepared after taking the suggestions and recommendations from over 60 associations of India into consideration.”

“Keeping in mind, the unique characteristics of the gems and jewelry sector, the Kaarigars and small jewelers were kept out of the purview of the Excise Duty. Therefore, while we welcome GST we request the GST Council to recognize the practical issues faced by the sector as highlighted in the HLC report,” he added.

Subodh Kumawat

Subodh has done with numerous professional degrees ranging from Human Rights to Banking along with MBA in HR Marketing. He is also interested in the field of tax-related articles and blog as per the industry based norms. Having expert knowledge in diverse sectors, he assures facts and figures along with testimony, in his articles. Working in SAG Infotech, he is a trusted author among the readers globally.

Recent Posts

No GST Returns Will Be Accepted If Filed More Than 3 Years Past Their Due Date

An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…

16 hours ago

Delhi HC: Two Judgment Orders Against One SCN Cannot Be Accepted for the Same Period

It was cited by the Delhi HC that the two adjudication orders against one SCN…

18 hours ago

CBDT Allows Electronic Filing of Forms 3CEDA and 3C-O Via Notification No. 5/2024

The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…

19 hours ago

October 2024 Records the 2nd Highest GST Collection, Driven by Domestic Sales

In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…

21 hours ago

UP AAR: GST Will Be Levied on the Installation of Electricity Distribution Systems by DISCOMs

Goods and Services Tax (GST) is to get paid on the procurement of materials and…

2 days ago

Bombay HC Quashes Rejection Order for Voluntary GST Cancellation Due to Lack of Stated Reasons

The Bombay High Court carried that as the revocation orders for the registration cancellation on…

3 days ago