- The gems and jewellery sector has requested the government to lower the GST to 1 per cent
- This request aims to reduce the cost burden on the industry
- The All India Gem and Jewellery Domestic Council seeks tax rationalization and better finance availability
- Increasing gold rates are making the current GST rate burdensome for both the industry and consumers
- A reduction in GST to 1 per cent is expected to boost compliance
- Lowering the tax would make products more affordable, particularly in rural areas
- It would also potentially increase revenue collection by expanding the formal economy
Source: business-standard.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
