Connect with us

GST

Jewellers Welcome GST 3% Boosted on Gold

Published

on

GST

The GST (Goods and Service Tax) on gold has raised to 3% and for Dimond 0.25%. These boosts make the jewellers happy, and they welcomed it,  and they said it is helpfull for the sales boost.

They also said that the government had understood the necessity of bullion industry, so they created the GST according to their needs.

Read also GST To be Executed From July 1 | To Bring Uniformity of Tax Laws

Nitin Khandelwal, the Chairman of All India Gems and Jewellery Trade Federation (GJF) said,

“We welcome the government’s decision of 3 per cent Goods and Service Tax for gold and 0.25 per cent on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” 

We welcome the government's decision of 3 per cent GST

We welcome the government’s decision of 3 per cent GST

He also said the government has also announced the input tax credit, and stated that GST expected to do less than this 3 percent.  

Next week we have a meeting with the finance minister about this, after that meeting, we will get a clear idea about this.

The GJF former chairman Mr Sreedhar said that; it is following some related views, and it is also going to be the challenge, but it is good for this industry.

“The Goods and Service Tax rate at 2 per cent would have been an ideal. At 3 per cent it will be challenging for the industry, but still it is better as the government has created a special category for us in the Goods and Service Tax,” he added.

He also added that the percentage on the rough Dimond is needed to continue on 0 Percent, but it is now at 0.25 percent because our country is the larger producer of polishing the Dimond in the world.

With this GST they also added the input tax credit that could be easily claimed by the Jewellery Manufacturer.

This GST is the major indirect tax development in India and mainly made for the transparency of increasing tax compliance, and you can check the transactions said by World Gold Council Managing Director, India, Somasundaram PR.

Read also Modi-Merkel Meet | Discussions in Terrorism, OBOR, GST and Smart City Innovation

In this current situation, this GST is the good encouragement to develop and stabilise the industry, and they concerned on the million employees in the industry.

Manubhai Jewellers Director Samir Sagar said it is really good to see that the government has been considerate towards the gems and jewellery industry and put it under the 3 per cent slab.

This GST gives the positive impact to this industry, and it is the boost for the gold manufacturers. It will take few months for the customers and jewellers to adapt to it but once it came to know of all the business will get stable.

Sagar said that this new bills will give stability in the industry and it set the new path for this business.

I am the founder and Chief Editor of NewsBugz.com, Our goal is to provide the most entertaining content for our users. Contact me at [email protected]

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent

Crypto Staking Platforms Crypto Staking Platforms
Tips and Tricks2 hours ago

The Best 3 Crypto Staking Platforms for 2024

In the world of digital currencies, staking has emerged as a significant trend. It’s a concept that allows cryptocurrency holders...

Tillu Square Movie Tillu Square Movie
Entertainment1 day ago

Tillu Square Movie (2024): Cast, Trailer, Songs, OTT, Release Date

The charmer is back with double power, yes! DJ Tillu is gearing up for the biggest release worldwide. Adding Anupama...

Game Changer Movie Game Changer Movie
Entertainment1 day ago

Game Changer Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Game Changer is an upcoming political action drama directed by Shankar. The movie has Ram Charan and Kiara Advani in...

Dear Movie Dear Movie
Entertainment3 days ago

DeAr Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Dear is the latest family drama directed by Anand Ravichandran. GV Prakash was roped in as a protagonist and music...

Satyabhama Movie Satyabhama Movie
Entertainment3 days ago

Satyabhama Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Satyabhama is an upcoming crime thriller movie that Suman Chikkala helmed. Kajal Aggarwal and Naveen Chandra play the lead roles,...

Inga Naan Thaan Kingu Movie Inga Naan Thaan Kingu Movie
Entertainment3 days ago

Inga Naan Thaan Kingu Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Inga Naan Thaan Kingu is an upcoming comedy drama directed by Anand Narayan. Santa, alia Santhanam, is the protagonist, and...

Romeo Movie 2024 Romeo Movie 2024
Entertainment4 days ago

Romeo Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Romeo is an upcoming comedy-drama directed by Vinayak Vaithiyanathan. Vijay Antony and Mirnalini Ravi play the lead roles, with Ilavarasu,...

Family Star Movie Family Star Movie
Entertainment4 days ago

Family Star Movie (2024): Cast, Trailer, OTT, Songs, Release Date

Family Star is the latest bilingual family drama directed by Parasuram of Geetha Govindam fame. The stars Vijay Deverakonda and...