The Indian jewellery industry is currently reeling under the pressure of high GST. The All India Gem and Jewellery Domestic Council (GJC) has now urged the government to reduce the tax.
In its pre-budget 2022-23 recommendations to Union finance minister Nirmala Sitharaman, GJC has sought a cumulative GST rate of 1.25 per cent based on the revenue equivalence principle on gold, precious metals, gems and articles of jewellery made of such goods, the apex industry body said in a statement. Currently, the GST rate for gems and jewellery is 3 per cent.
