Budget 2025: Gems, jewellery sector urges govt to reduce GST to 1%

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Budget 2025: Gems, jewellery sector urges govt to reduce GST to 1% - Business Standard

Quick Summary:

The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1 per cent on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget.

"We seek rationalisation of taxes and availability of finance to support business," the All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde said in a statement on Tuesday.

Therefore, GJC is urging for a reduction in GST from the current 3 per cent to 1 per cent in the upcoming Budget, which will encourage compliance, Rokde said.