Rationalize the GST on bullion & precious ornaments
GJC urges to reduce to 1.25% from the 3% to ease & boost sales All India Gem & Jewellery Domestic Council (GJC), the premier body for jewellers, has urged the government to rationalize the Goods and Services Tax (GST) on bullion and precious ornaments, reducing it to 1.25% from the current 3% to ease the burden on consumers and boost sales. GJC appreciates Honourable Finance Minister Smt Nirmala Sitharaman ji urging the GST council on rationalising and simplifying GST rates. When GST was first introduced in July 2017, the price of 24-carat gold was hovering around Rs28,439 per 10 grams. Based on this price level, the GST Council set the GST incidence rate on bullion and precious ornaments at 3%, despite the earlier indirect tax structure (Excise + VAT) being effectively 1% and with Excise Duty implementation in 2016, with applicability on only those jewellers having turnover of 10 crores and above, giving ease to almost 80 to 85 % of the i...