ENA Sectors 2025-01-08 14:56:52 <p><span style="font-size:14px"><strong>Mumbai, Jan 8 (KNN)</strong> The gems and jewellery sector has called on the government to introduce significant reforms in the upcoming Union Budget to ease financial pressures and enhance the industry's growth.</span></p> <p><span style="font-size:14px">The All India Gem and Jewellery Domestic Council (GJC) has emphasised the need for a reduction in the Goods and Services Tax (GST) and the creation of a dedicated ministry to support this vital sector.</span></p> <p><span style="font-size:14px">Addressing these demands, GJC Chairman Rajesh Rokde highlighted the burden of the current 3 per cent GST rate amid escalating gold prices. We urge the government to reduce GST to 1 per cent on a revenue equivalence ratio.</span></p> <p><span style="font-size:14px">This move will not only encourage compliance but also boost affordability for consumers, particularly in rural areas, while expanding the formal economy and enhancing revenue collection, Rokde said in a statement on Tuesday.</span></p> <p><span style="font-size:14px">The GJC also underscored the importance of distinguishing between natural and lab-grown diamonds by introducing a concessional GST rate for the latter, given their sustainable and cost-effective nature. Currently, both categories are taxed at the same rate.</span></p> <p><span style="font-size:14px">Beyond tax reforms, the council has pushed for broader structural changes, including the establishment of a dedicated ministry for the jewellery sector, state-specific nodal offices, and the appointment of a central minister to address industry-specific challenges effectively.</span></p> <p><span style="font-size:14px">Avinash Gupta, GJCs Vice-Chairman, stressed the need to revamp the Gold Monetisation Scheme to unlock idle household gold, thereby reducing dependency on imports.</span></p> <p><span style="font-size:14px">Additionally, we request the government to enable EMI options for jewellery purchases, a long-standing demand that would promote accessibility and support business growth, Gupta noted.</span></p> <p><span style="font-size:14px">As Budget Day approaches, the jewellery industry hopes its demands will receive serious consideration, paving the way for a more resilient and self-reliant sector.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 40559 https://knnindia.co.in/news/newsdetails/sectors/gjc-pushes-for-1-gst-on-jewellery-seeks-structural-reforms-in-budget-2025 2025-01-08 14:56:52 knnindia.co.in