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Government slashes GST rate on jewellery making from 18% to 5%
GST Council’s earlier decision on fixing 18% GST on making charges on jewellery received a lot of flak from the jewellery industry.
By: Diamond World News Service
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Jun 11 2017 11:27PM
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Reference: 15284  

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Jewellery industry can heave a sigh of relief as the GST Council has cut the applicable rate on making charges from the 18 per cent decided earlier to five per cent. The earlier decision of fixing GST rate at 18 per cent received a lot of criticism from the jewellery industry and they referred it as impractical. The industry felt that it would have led to loss of jobs as 95 per cent of the jewellery is made on the basis of work.

Nitin Khandelwal, Chairman, All India Gems & Jewellery Trade Federation (GJF) on the GST council's reduction of GST rate on jewellery making said “"We are extremely thankful to the governement for implementing 5 per cent GST on making charges / Job work. The exhaustive efforts of GJF has finally paid off. The lower rate of job work is a big relief for manufacturers and karigars and also for the customers as they do have to now end up paying the earlier proposed 18 per cent. This will also ensure there will be no tax evasion and industry will become more organised and compliant. There are still few more concerns, which GJF being the apex body will continue to protect, promote and progress the industry, by pursuing the government for ease of operation and business in GST. We are highly positive that the government will continue to support our industry to its best.”

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