During the Jaipur visit, a committee representing the Jewellers Association, Jaipur met Shri Suresh Prabhu, Honorable Union Minister for Commerce & Industry and told him their concern about the duties and taxes which are charged on the colored gemstone segment of the trade. And in this discussion, Shri Vijay Kedia, Co-convener, Coloured Gemstone Panel, GJEPC also participated.
The industry asked the minister to reduce the import duty from 7.5% to 2.5% on a cut and polished colored gemstone because there are few colored gemstones which are not cut and polished in India. It also requests for reducing the GST on cut and polished semi-precious stones from 3% to 0.25%.
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The committee also proposed that the re-import of jewelry and gems must be excluded from IGST (Integrated Goods and Services Tax) which are exported for exhibition or on a shipment basis.
The Minister told that these issues have already been given to the Finance Ministry and promised them that he will also talk about this matter with the Honorable Finance Minister.
