GJC seeks comprehensive budget reforms
Needs a focus on GJ sector growth & global leadership The Gems & Jewellery (GJ) sector plays a pivotal role in India’s economy, contributing significantly through exports, job creation, and the preservation of cultural heritage. It is also a major job creator and stands as India’s second-largest Foreign Exchange Earner (FEE). However, the industry faces numerous challenges, including complex taxation, stringent compliance requirements, and limited access to finance. To address these issues, 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 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, o...