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The All India Gem & Jewellery Domestic Council (GJC) has released a detailed note outlining actionable recommendations to unlock the full potential of India’s gems and jewellery sector.
In a pre-Budget representation to Union Finance Minister Ms Nirmala Sitharaman, GJC has urged a reduction in the Goods and Services Tax (GST) on gems and jewellery from the current 3% to 1% on revenue equivalence ratio to ease the cost burden on the industry and, eventually, on consumers. Additionally, there is an urgent need to introduce a concessional GST rate for lab-grown diamonds to fully recognize their sustainable and cost-effective attributes compared to natural diamonds. Currently, both natural and lab-grown diamonds are taxed at the same GST rate.
Mr Rajesh Rokde, Chairman of GJC, commented, “With over 20 years of experience representing industry stakeholders, GJC serves as the bridge between the government and the trade. With the continuously increasing gold rates, the current rate of GST is becoming increasingly burdensome for the industry and end customers. Hence, we humbly request a reduction in GST, which will encourage compliance. Additionally, the tax reduction will enhance affordability for consumers, especially in rural areas, and most importantly, improve revenue collection by increasing the size of the formal economy.”
Mr Avinash Gupta, Vice Chairman of GJC, said, “We request the Government to consider the EMI on Jewellery, which has been a long-standing demand of the industry. Doing this, will also promote the vision of our Honourable PM ‘Digital India’. Gold Monetisation Scheme (GMS) also needs a revamp as it has the potential to unearth the idle household gold in the economy and thus helping us to be self-reliant and promote less imports. As an apex body of the gems & jewellery industry, GJC has the detailed roadmap for successful implementation of GMS, and we can assist the Government in implementing it across the nation.”
