Published
May 17, 2017
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Gems and Jewellery Trade Federation ready for GST roll out from July, hopes for 1.25 per cent tax on sector

Published
May 17, 2017

The Gems and Jewellery Trade Federation (GJF)  has said that the sector is prepared for the GST regime, to be implemented from July 1, and hoped that the Centre would levy only 1.25 per cent tax on the sector, a news agency reported.



 
It attracts 2 per cent tax (one per cent each of excise and VAT) at present in most states except in Kerala.
 
"We are fully prepared to implement the GST. Our jewellers are ready. We have developed a software to create awareness on the issue," All India Gems and Jewellery Trade Federation (GJF) chairman Nitin Khandelwal told reporters here.

The GST rate for the sector has not yet been finalised by the government. "We have demanded for 1.25 per cent GST rate. We hope the government accepts it. We are trying hard to convince them on this issue," he said.
 
GJF has met finance ministry officials as well as several state finance ministers on the issue and explain them the ground reality.
 
Higher GST rate would affect organised players badly, GJF said, adding that the industry is pitching for lower tax to bring unorganised players on board so that their dealings are reported online with greater transparency.
 

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