Published
Mar 29, 2017
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Gem, jewellery traders set for GST, develop software

Published
Mar 29, 2017

The Gems and Jewellery Trade Federation has developed software to help jewellers with the implementation of the Goods and Services Tax (GST) slated to put into effect from July this year.


Gems, Jewellery traders set for GST, develop software


"The software development for GST implementation in the gems and jewellery trade is almost complete. Now the jewellers across the country would be educated about the various aspects of the software through webinars," Nitin Khandelwal, chairman of Gems and Jewellery Trade Federation told a news agency.

“We had to adopt digitalisation as 75 per cent of the transactions had shifted to the digital mode and the balance was in cash,” he added.

The federation welcomed GST but at the same time expressed concern about some aspects, which if not addressed would affect the entire industry.

The trade had sought a GST levy of 1.25 per cent. "If the rate is fixed above that, then there will be chaos and non-compliance. We are still discussing the issue with the government."

The federation has also urged the government for waiver of charges on transaction made through debit or credit cards.
 

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